German 'wisemen' revise 2013 growth forecast up to 0.4 pct-media

BERLIN Tue Nov 12, 2013 8:43am EST

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BERLIN Nov 12 (Reuters) - Germany's 'wisemen' panel of economic advisers has revised up its estimate for growth in Europe's largest economy this year to 0.4 percent from its March estimate of 0.3 percent, a German newspaper reported on Tuesday.

The panel sees the domestic economy and an increase in consumption driving growth as this pushes the level of employment to new record highs, business daily Handelsbatt said. The government predicts growth of 0.5 percent in 2013.

The panel, which also includes a woman, expects growth of 1.6 percent in 2014, undercutting the government's forecast of 1.7 percent. It is due to publish its annual report on Wednesday.

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