Germany's leading economic institutes slashed the economic growth forecast for this year and next, on Wednesday, mainly citing the weakening global demand for capital goods exports.
The growth forecast for this year was lowered to 0.5 percent from 0.8 percent and the outlook for next was slashed to 1.1 percent from 1.8 percent.
"Reasons for the poor performance are the falling worldwide demand for capital goods - in the exporting of which the Germany economy is specialized - as well as political uncertainty and structural changes in the automotive industry," the think tanks said.
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