Industrialist cuts growth forecast for Germany

In the economy giant Germany, industrialists lowered their 2021 growth forecast for the country in anticipation of stagnation in household consumption expenditures.

2021 GROWTH ESTIMATE DECREASE FROM 3.5 TO 3

In the statement made by the German Industry Federation (BDI), it was reported that the 2021 growth forecast for the country's economy was reduced from 3.5 percent to 3 percent.

ECONOMIC RECOVERY WILL WEAKNESS

In his assessment on the subject, BDI President Joachim Lang stated that despite the strong growth in Germany in the second quarter, this year's economic recovery will be slightly weaker than expected in June.

Noting that they reduced their 2021 growth forecast for the German economy to 3 percent, Lang said, "The reason for the downward revision is the expected stagnation in consumer spending in 2021." used the phrase.

Noting that they expect Germany's exports to continue to grow strongly this year, despite the shortage of materials for production and disruptions in supply chains, Lang noted that they expect exports of goods and services to increase by 8.5 percent in 2021.