The Association of German Chambers of Industry and Commerce, based on data from a survey of about 25 thousand companies, has worsened Germany’s GDP growth forecast for 2019 from 0.9% to 0.6%, which is mainly due to lower expectations regarding the prospects for the manufacturing sector and the global slowdown in the economy. President of the Association, Eric Schweitzer, pointed out that German business expectations for exports dropped to the lowest level in the last 10 years amid a slowdown in global economic growth. In his opinion, this situation will entail a further deterioration in investment plans, as well as employment plans in the industrial sector. Previously published data from the IFO Institute showed a sharp decline in the confidence of German exporters in May due to the exacerbation of global trade wars.
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