{"id":125623,"date":"2021-05-19T10:09:08","date_gmt":"2021-05-19T10:09:08","guid":{"rendered":"https:\/\/precoinnews.com\/?p=125623"},"modified":"2021-05-19T10:09:08","modified_gmt":"2021-05-19T10:09:08","slug":"german-business-less-optimistic-on-2021-gdp-growth-than-government","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/german-business-less-optimistic-on-2021-gdp-growth-than-government\/","title":{"rendered":"German business less optimistic on 2021 GDP growth than government"},"content":{"rendered":"
FILE PHOTO: A worker is seen behind scaffoldings at a construction site near the Fernsehturm television tower in Berlin July 7, 2014. REUTERS\/Thomas Peter<\/figcaption>

BERLIN (Reuters) – Germany\u2019s DIHK Chambers of Industry and Commerce said on Wednesday it slightly raised its growth forecast for Europe\u2019s largest economy to 3% this year after its recent survey pointed to improved business morale over the past three months.<\/p>\n

The DIHK\u2019s updated growth forecast compares with its previous estimate of 2.8% projected in February and is based on the latest findings of the association\u2019s survey among more than 27,000 companies from various sectors of the economy.<\/p>\n

The DIHK forecast is less optimistic than the government\u2019s projection of 3.5% GDP growth this year. The German economy shrank by 4.8% last year due to the pandemic.<\/p>\n

\u201cThere is cautious optimism among export-oriented industrial companies due to economic catch-up effects, but there is still a considerable amount of scepticism, particularly among the sectors affected by the lockdown, due to ongoing coronavirus restrictions,\u201d DIHK said in a summary of its survey.<\/p>\n

Among the companies most upbeat were manufacturers of vehicles, machinery and electrical engineering products.<\/p>\n

\u201cOne possible reason is the economic recovery in important sales markets such as China and the United States, which is boosting demand for \u201cMade in Germany\u201d goods,\u201d the DIHK said.<\/p>\n

The survey revealed supply shortages of semiconductors and other industrial components which two out of five companies described as one of the biggest risks for their growth outlook.<\/p>\n

\u201cDelivery bottlenecks, trade restrictions and high global demand are currently causing prices to rise sharply, for example for wood, plastics, building materials and steel,\u201d DIHK said.<\/p>\n

The DIHK survey chimes with the findings of the smaller, but more frequent Ifo business sentiment survey that showed how the third wave of COVID-19 infections and supply bottlenecks are complicating the economic recovery.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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