22 October 2002, 11:23  German deficit to be 3.2pc this year

Six leading German research institutes and think-tanks have forecast that the country's budget deficit will be 3.2pc of GDP this year and 1.9pc next year according to a report in the German newspaper Handelsblatt. A joint report by the institutes will be published later this morning. The report has also forecast that euro zone economic growth this year will be in the order of 0.8pc and 1.8pc next year.
The newspaper gave the same figures leaked over the weekend by Der Spiegel magazine, in that Germany's real GDP growth next year was expected at 1.4pc from 0.4pc this year. Handelsblatt also said average jobless would be at 4.1m next year up from 4.05m this year, which means unemployment rate would rise from 9.5pc to 9.6pc //www.fxcentre.com

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