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German government more optimistic on economic growth

A employee works on a gas turbine rotor at the Siemens factory in Berlin on November 8, 2012Economy Minister Sigmar Gabriel said “Germany is on a solid path of growth, driven by favourable developments on the labour market, rising wages and increased employment. Previously, the government had been pencilling in gross domestic product (GDP) growth of 1.5 percent for 2015, and 1.6 percent for 2016. The minister said the German economy would benefit from a slight pick-up in global growth, with the euro area in particular set to enjoy increased expansion. Already last week, Germany’s leading economic institutes sharply increased their growth forecast for this year to 2.1 percent, saying the country’s current robust recovery was being fuelled by cheap oil, the weak euro and a boom in consumer spending.

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