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Ifo raises Germany's growth outlook

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Staff Writer | June 20, 2017
The upturn in the German economy is gaining impetus, the Munich-based Ifo economic institute said Tuesday.
Germany   The Ifo raised its growth outlook
The Ifo raised its growth outlook for this year to 1.8% from 1.5%. For 2018, the think tank projected 2% growth instead of 1.8%.

The institute said economic growth is being driven by buoyant consumer demand and brisk construction activity. Exports will also make a contribution to the upswing.

Earlier this month, Bundesbank projected the largest euro area economy to grow 1.9% in 2017 and 1.7% in 2018.

The think tank forecast employment to rise to 44.2 million this year and then to 44.57 million in 2018.

At the same time, the jobless rate is seen easing to 5.7% in 2017 and at 5.5% next year.

Further, the Ifo forecast inflation to rise to 1.7% in 2017. For 2018, the institute projected 1.6%.