German panel of economic experts lowers 2017 growth forecast: sources

November 1, 2016 11:00 AM EDT

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BERLIN (Reuters) - The German government's panel of economic advisers has lowered its growth forecast for Germany next year, projecting an expansion of 1.3 percent from a previous estimate of 1.6 percent, sources told Reuters on Tuesday.

The figure is slightly lower than the government's own prediction of 1.4 percent growth next year. The panel will present it economic report to the government on Wednesday.

The panel is also expected to raise its 2016 growth forecast to 1.9 percent from 1.5 percent. The government expects growth of 1.8 percent this year, which would be the strongest rate in five years, helped by soaring private consumption and higher state spending.

The panel has urged the government to increase investment on infrastructure, schools and high technology as well as to implement structural reforms to encourage private investment.

(Reporting by Klaus Lauer and Rene Wagner; Writing by Joseph Nasr Editing by Jeremy Gaunt)



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