The International Monetary Fund (IMF)has cut its 2003 GDP growth forecast for Germany from 2.0pc to 0.7pc and expects the state budget deficit to reach 3.2pc of GDP this year. According to German daily Handelsblatt, IMF sources said the forecasts would be in the IMF spring report which is officially due to be published in April. Meanwhile, further signs that the German economy is struggling emerged this morning, with the publication of January wholesale data. According to the Federal Statistics Office, sales were down a real 0.8pc year-on-year and rose a nominal 0.1pc from January 2002. However, the Office said in January, two branches in the wholesale industry - consumer goods and agricultural basic commodities - posted an increase both in nominal and real terms. Those in machinery and equipment fell a nominal 5.9pc and a real 3.6pc, it said. ////www.fxcentre.com