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Ifo raises German growth forecast, citing strong domestic economy

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Ifo raises German growth forecast, citing strong domestic economy
FILE PHOTO: A worker grinds metal at the machine-building company Zemmler Siebanlagen in Massen, Germany, March 22, 2018. REUTERS/Hannibal Hanschke/File Photo   -   Copyright  Hannibal Hanschke(Reuters)
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BERLIN (Reuters) – The Ifo economic institute said on Thursday it had raised its 2018 growth forecast for the German economy to 1.9 percent from 1.8 percent previously, citing a better-than-expected performance in the first half of the year.

“We are currently facing a strong economic upswing in Germany,” Ifo economist Timo Wollmershaeuser said in a statement. “It will be largely driven by private consumption this year and next, helped by rising employment and strong income growth,” he added.

Ifo forecasts gross domestic product growth rates of 1.9 percent in 2019 and 1.7 percent in 2020.

(Reporting by Michael Nienaber, editing by Thomas Seythal)

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