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News : EU Economy Last Updated: Jan 28, 2015 - 7:34 AM


German government to raise 2015 growth forecast to 1.5%
By Michael Hennigan, Finfacts founder and editor
Jan 28, 2015 - 7:29 AM

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In a special ceremony on Holocaust Memorial Day, the Bundestag remembers the victims of the Nazi dictatorship, Jan 27, 2015.

Deutsche Welle, the German broadcaster, says that based on reports by the Reuters and AFP news agencies, the German government forecasts GDP growth in 2015 at 1.5%, up from an earlier estimate of just 1.3%.

We reported two weeks ago that the economy had grown also by 1.5% in 2014 - the best performance in three years.

DW says the 2015 forecast is part of the government's 2015 Economic Outlook to be presented by Sigmar Gabriel, vice chancellor and economy minister, during an official news conference in Berlin Wednesday.

The draft document says the improved outlook is mainly down to continuously low oil prices and the most recent labour market data.

The German economy is "in good shape," the report says, with more people than ever having a job and the unemployment rate expected to drop further to 6.6% in 2015 (higher than the EU harmonised rate), down from 6.7% last year. This would leave 2.9m people out of work in the country in the course of the year.

The German EU harmonised rate was at 5% in November.

Earlier this week it was reported that the  Ifo institute's Business Climate Index for industry and trade in Germany rose to 106.7 points in January from 105.5 points last month, marking its third successive increase. Companies were far more satisfied with their current business situation and the majority was also optimistic about the business outlook. The German economy made a good start to the year.

However, the services index fell slightly.

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