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Ifo Economic Forecast Summer 2019: 2020 German GDP growth forecast slashed to 1.7%

In its latest economic forecasts for Summer 2019, the German Ifo institute on Tuesday cut the 2020 growth forecast for the German economy to 1.7% vs. 1.8% previously.

The Ifo cited that the weakness in Germany’s industrial sector seems to be spilling over into labor market and domestic economy.

Ifo economist Timo Wollmershaeuser said: “There is a diverging economic development: the export-oriented manufacturing sector, which accounts for about a quarter of economic output, is in recession.”  

“However, there are increasing signs that the weakness in the industrial sector is gradually spilling over into the domestic economy via the labour market and value creation chains.”

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