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German growth to slow down in second quarter: think tank
2016/6/6 15:05:31 Source:Xinhua

BERLIN, May 31 (Xinhua) -- German economic growth was expected to slow down in the second quarter as current driving forces lose momentum, said a leading economic institute on Tuesday.

The German economy was expected to grow by 0.3 percent in the second quarter, following a strong expansion of 0.7 percent in the first three months of this year, said the German Institute for Economic Research in its latest forecast.

According to the Berlin-based think tank, private consumption would further expand considerably during the three months from April to June, making a positive contribution to the economic growth.

However, the consumption would grow at a slower pace than in the past two years. Impetus to government spending on refugees would also diminish.

"At present, far fewer refugees come to Germany than in the second half of 2015. Thus, only small additional demand would be created by the migration," said Simon Junker, an expert at the economic institute.

On Tuesday, German federal statistics office reported that retail sales in Germany fell for the second consecutive month in April. Drops of energy prices, which freed Germans' purchasing power, also slowed down in recent months.

In its monthly report earlier this month, the German central bank also forecast the German economy to lose growth momentum in the second quarter. However, the central bank said the economy's "solid underlying cyclical trend" remained intact.

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