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Growth

German government revises growth forecast slightly upwards

The German government has confirmed the Economic Ministry's 2014 growth outlook, saying that GDP will expand slightly more this year than previously predicted. It said the labor market would benefit as well.

German cabinet ministers on Wednesday adopted the 2014 Annual Economic Report, which included slightly higher expectations for growth in the course of this year.

The government said it expected the national economy to expand by 1.8 percent in 2014, marginally up from an earlier prediction of 1.7 percent. The report said the growth rate would increase to 2 percent next year.

Commenting on the report, conservative lawmakers in Berlin said everything should be done to avoid jeopardizing the growing economic momentum amid problems caused by the country's energy transition and the aftermath of the protracted eurozone debt crisis.

Exports to rise again

Merkel supports renewable energy economy

The expected positive cyclical developments should also have a positive impact on the domestic labor market, Berlin said in forecasting a record number of 42.1 million people in employment this year, up 240,000 from the levels reached in 2013.

But the government admitted the overall jobless rate would only dip by 0.1 percent this year to 6.8 percent and would most likely remain unchanged at that level in 2015.

Following a slight decline in exports last year, the report said German shipments abroad would rise again significantly in 2014, based on growing demand in markets in Europe and overseas.

hg/jm (Reuters, dpa)

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