March 11, 2019 / 1:29 PM / 7 months ago

BDI German industry body cuts 2019 growth forecast to 1.2 percent

BERLIN (Reuters) - Germany’s BDI industry association on Monday slashed its 2019 growth forecast for Europe’s largest economy to 1.2 percent from its previous estimate of 1.5 percent, citing concerns about trade with both Britain and the United States.

“The economy is continuing to lose momentum, mainly for reasons related to the external environment,” BDI Managing Director Joachim Lang said. “Foreign trade is likely to have a dampening effect.”

Lang said exports would probably increase by 1.5 percent this year. He said the prospects for the domestic economy remained strong, with rising employment helping private consumption.

Reporting by Michelle Martin; Editing by Joseph Nasr

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