July 31, 2020 / 11:33 AM / 5 days ago

Germany's economic output to decline less than expected in 2020: Ifo

BERLIN (Reuters) - German economic institute Ifo raised its 2020 economic output forecast due to a “surprisingly positive development” in the past few weeks, Der Spiegel magazine reported on Friday, citing the institute’s chief economist.

Germany’s gross domestic product will likely shrink by 5.1% this year, Ifo’s Timo Wollmershaeuser was quoted as saying, revising a forecast of -6.7% it had given a few weeks ago.

Reporting by Riham Alkousaa; editing by Thomas Seythal

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