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German engineering industry affirms outlook despite Brexit, trade risks

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By Reuters

BERLIN (Reuters) – German engineering association VDMA on Thursday affirmed its production growth forecast of 5 percent this year but cautioned that international trade disputes and Britain’s exit from the European Union could weigh on business.

“As long as Brexit uncertainties remain and trade conflicts continue to escalate, risks increase for Germany’s machinery industry,” VDMA’s chief economist Ralph Wiechers was quoted as saying in the statement.

The trade group added it expects production to grow by 2 percent in real terms in 2019.

(Reporting by Thomas Seythal; additional reporting by Tom Kaeckenhoff; editing by Michael Nienaber)