German Economy Minister Peter Altmaier. (picture alliance/Michael Kappeler/dpa/archive)
The German economy will keep growing in 2019, but at a slower rate thanks to headwinds ranging from Brexit fears to international trade wars, German Economy Minister Peter Altmaier said on Wednesday.
The growth rate is expected to hit 1 per cent for 2019, he said. While that would be the 10th year of growth in a row, it is still a reduction from the 1.5 per cent reported in 2018 and the 2.2 per cent for both 2016 and 2017.
It has only been a few months since the government forecast 1.8-per-cent growth for the year.
Nonetheless, Altmaier focused on the positive.
"This is the longest period of growth since 1966 and simultaneously a signal of the effectiveness of our social market economy," said Altmaier.
He also noted that the unemployment rate was expected to fall to 4.9 per cent during the year, with an expectation that pay packages will rise.
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