Germany sees global economic uncertainty after Trump victory

November 11, 2016 11:02

BERLIN- The global economic outlook is tinged with uncertainty following the US election and the Brexit vote, but there will likely be no major economic impact on the German economy in the short term, the Economy Ministry said on Friday.

"The global economic environment remains characterised by uncertainty following the Brexit decision and the US. election," the ministry said in its monthly report."However, no negative impact is expected in the short term from today's point of view," it said, adding that the German economy, Europe's largest, likely continued to grow moderately in the third quarter.

Donald Trump's protectionist rhetoric and his surprise victory in the U.S. presidential election shocked German politicians and business leaders.

The United States is Germany's most important export market, accounting for roughly 10 percent of overall sales abroad. In 2015, German companies sold goods worth 114 billion euros to the U.S. - mainly vehicles, machines and chemical products.

Germany's Ifo institute estimates that more than 1 million jobs in Germany are linked to those exports that could shrink if Trump actually enacts his protectionist rhethoric.

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