German BGA Group Sees 2009 Exports +4.0% From +6.0% In 2008

BERLIN --The BGA Association of German exporters and wholesalers Wednesday forecast a slowdown in the growth of German exports in 2009 as the ongoing financial crisis weighs on business.

"We anticipate a cooldown due to lack of new stimulus," said GBA President Anton Boerner in a statement. "This won't pass us by without a braking effect on the German export economy."

The BGA now forecasts 4% export growth for 2009, valued at EUR1,068 billion. That compares with 6% growth in 2008, in line with the BGA's previous forecasts, with a value of EUR1,027 billion.

The group noted that the figures mean Germany will break the EUR1 trillion mark in export value for the first time in 2008 and will retain the title for one more year as the world's largest exporter.

The BGA forecast 4.5% growth for German imports in 2009, with a value of EUR856 billion. Its 2008 import growth forecast stands at 6%, with a value of EUR819 billion.

The group repeated its forecast that German GDP growth will fall to just below 1% for 2009, after reaching 1.7% in 2008.