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The German economy has changed its growth model during recent years. While internal demand (especially private consumption) – was sluggish and weak throughout most of the 2000s, it is currently the most important driver for growth. In contrast, net exports, which have been so important for German economic growth in the past, were relatively neutral in terms of growth performance in 2015. Moreover, net exports are likely to dampen GDP growth this year, due to weaker export growth and strong ongoing growth in imports. Nevertheless, thanks to the country’s robust internal demand, Coface forecasts GDP growth of 1.7 % for this year.

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