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Germany institute forecasts continued GDP growth, but sees limits

By our dpa-correspondent and Europe Online    auf Facebook posten  Auf Twitter posten  
Munich (dpa) - The Munich-based ifo Institute expects the German economy to continue its strong expansion this year and next, despite growing capacity shortages.

Gross domestic product (GDP) is expected to grow by 2.6 per cent in the current year, the economics institute said on Wednesday, keeping the figure unchanged from its last 2018 estimate, which was released in December.

The economists also confirmed their estimate made in December for 2019 GDP growth, at 2.1 per cent.

The German economy is driven by exports, which the institute noted has benefited from recent developments in foreign markets.

"Massive income tax cuts in the US and a strong boom in the eurozone are firing up demand for German products and services," the ifo Institute said in a statement.

But the economy is slowly reaching its limits, it also noted.

"The overload of economic capacities should increase tangibly within the forecast period."

The comments echoed concern by Germany‘s Bundesbank made earlier in the week, which said it also expects the economy to continue its boom, but sees shortages in several industries, such as the construction sector, where demand is outpacing supply.


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