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German economy to expand despite global concerns, Economy Ministry says
March 11, 2016 / 8:35 AM / 2 years ago

German economy to expand despite global concerns, Economy Ministry says

BERLIN (Reuters) - The German economy got off to a good start in 2016 and remains on a solid growth path despite headwinds from slowing emerging markets that affect the key export sector, the Economy Ministry said in its monthly report on Friday.

General view of the characteristic Frankfurt skyline with its banking towers, January 16, 2012. REUTERS/Kai Pfaffenbach

“The growth perspectives of the world economy have further deteriorated in the past month,” the ministry said. “Against this backdrop German exports remained slightly depressed at the start of the year.”

The ministry added that the economic sentiment had deteriorated over concern about a slowdown in China and other emerging markets and financial markets turbulences.

Record high employment, strong local consumption, low oil prices and a weaker euro, should continue to provide an impulse to the German economy, the ministry said.

Reporting by Joseph Nasr; Editing by Michael Nienaber

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