Business Groups Expect Better 2004 Growth

The President of the German Federation of Industries, Michael Rogowski, and the Association of German Chambers of Industry and Commerce are predicting better than expected German growth for 2004. "Two percent growth is realistic," Rogowski told the DPA news agency. Leading economic institutes forecast a slower growth of between 1.4 and 1.8 percent growth. The improved outlook follows a trend set during the last quarter of 2003 when the economy began to show significant signs of recovery. The driving force behind the upswing is an increase in U.S. sales of German products. However, a higher euro to dollar rate could hold further growth in check, Rogowski cautioned.