Quarterly Report Germany III/2016

Following the strong first six months of the year, we have made a slight upward adjustment to our growth forecast for Germany’s real GDP in 2016 to 1.9 percent over the previous year (up from 1.7 percent). The German economy continued to grow in the second quarter, though at a slower pace. The trade balance is likely to pull down growth, with the weak global economy curbing exports. Besides, we are expecting a further upturn in investment activity this year.