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(RTTNews) - Germany's Ifo economic research institute on Tuesday revised up its growth forecast for the economy.
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Ifo Raises German Growth Forecast
(RTTNews) - Germany's Ifo economic research institute on Tuesday revised up its growth forecast for the economy.
In its bi-annual economic forecast, the Munich-based think tank said it expects the biggest Eurozone economy to expand by 3.7% this year, much faster than the 2.1% growth tabled in June.
Thereafter, the economy is forecast to grow by 2.4% next year, driven by domestic demand. That was revised up from 1.5% growth estimated previously.
Ifo said German gross domestic product, or GDP, grew at an annualized rate of 4.8% in the course of the first three quarters of this year. With this, Germany has made an above-average contribution to GDP growth in the monetary union.
The think tank expects Germany's budget deficit to decrease to 2.3% of GDP next year from an estimated 3.5% this year as a result of the robust economy, the consolidation measures within the framework of the "future package" and the savings in statutory health insurance.
As the economy progresses, the research institute expects inflation to rise. It now forecast consumer prices to grow 1.1% this year and 1.6% in 2011, still below the target of the European Central Bank target.
Furthermore, Ifo said the number of unemployed in Germany would fall below the 3 million threshold next year.
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