IMF halves growth forecast for Germany

The International Monetary Fund on 3 June 2013 halved its growth forecast for Germany to 0.3 percent for 2013 'amid still elevated euro area uncertainty' and asked the economic powerhouse not to 'overperform' on fiscal consolidation.

'Ongoing recession' in the eurozone and declining German exports to other euro countries mean that the German economy is expected to grow only by 0.3 percent in 2013 compared to an April 2013 forecast of 0.6 percent, the IMF said in its yearly review on the German economy.

• Primary Source

International Monetary Fund: Press Release: Germany—2013 Article IV Consultation: Concluding Statement of the IMF Mission http://www.imf.org/external/np/ms/2013/060313.htm

ESO: Background Information: Germany reports sluggish first-quarter growth of 0.1% http://www.europeansources.info/record/germany-reports-sluggish-first-quarter-growth-of-0-1/

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