Ifo predicts Germany’s economy will expand by 1.9% in 2018
The Ifo Institute of Economic Research (Ifo) has changed its forecast for Germany’s economic expansion for 2018.
The Munich and Dresden-based institution has raised its growth prediction for the year from 1.8% to 1.9%.
The establishment claims that its nation’s forecast has been increased due to a better-than-expected performance in the first six months of the year.
“We are currently facing a strong economic upswing in Germany,” stated Timo Wollmershaeuser, Economist at the Ifo Institute of Economic Research.
“It will be largely driven by private consumption this year and next, helped by rising employment and strong income growth.”
Ifo has also predicted that gross domestic product (GDP) growth in Germany will hit 1.9% next year, and subsequently drop to 1.7% in 2020.
At the beginning of the year, the institution announced projections for 2.6% growth in the country in 2018, and 2.1% for 2019.
In June the institution lowered its projections to 1.8% of growth in both 2018 and 2019.
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