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Business

Ifo Ups German Growth Forecasts

Ifo, Germany's leading economic research institute, expects the German economy, the biggest in the 12-country eurozone, to grow by 1.7 percent this year, faster than a previous forecast of 1.5 percent. The think-tank was raising its forecast on the back of "the export-driven recovery in output and in manufacturing orders", Ifo president Hans-Werner Sinn said on Wednesday. At the same time in Berlin, Economics and Labor Minister Wolfgang Clement said he believed German gross domestic product this year was more likely to grow at a rate above the government's official forecast of 1.5 percent." Wednesday's progonisis is only the latest in a string of positive announcements about the Germany economy and its slow recovery. This strengthens my conviction that business is improving and that growth of above 1.5 percent will be achieved this year," Clement said. A regular monthly poll by fellow economic research institute ZEW, meanwhile, showed a slight rise in investor confidence in Germany this month for the first time this year. ( AFP)