In the past recent years, the economy in Germany has been experiencing remarkable growth. It maintains its position as the largest economy in whole Europe and predictions for the current and next year seem promising.
Due to such positive outcome, the German government has now raised its forecasts for 2017 and 2018. Previously the growth forecast for this year was at 1.5%, however, it is now lifted up to 1.9%. In addition to that, according to the Handelsblatt newspaper, the growth forecast might increase up to 2%. Whether this is done or not, will be discussed on Monday 9th October.
In relation to previous years, the 1.9% growth was the largest for the past five years.
As for 2018, the government had previous predictions that the economy will grow by 1.6%, however, the current forecast stands at 2%. The significant growth in the economy is certainly beneficial for the country, however, is likely to impact surrounding and competing countries.