BERLIN — The German Institute for Economic Research (DIW Berlin) has lowered its 2012 growth estimate for Germany to 0.6 percent, from a previously predicted 1 percent. Among the industries impacted is German-manufactured woodworking machinery which, according to the VDMA/German Engineering Federation, currently holds a 27 percent share of the world market with an export quota of 70 percent.
DIW said problems in the European community, including the eurozone debt crisis, will temporarily affect exports in 2012. According to AP reports, DIW said Wednesday that the German economy would undergo a brief recessionary period before beginning a recovery by mid-year. The German think tank currently predicts a 2.2 percent growth for 2013.
Exports helped propel the German economy to 3 percent growth in 2011, which followed a growth of 3.4 percent in 2010.
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