German business group forecasts fall in exports to UK
Published 07/07/2016 | 11:36
A German business group is forecasting that Germany's exports to the UK will slip 1% this year and drop by 5% in 2017 following British voters' decision to leave the European Union.
The Association of German Chambers of Commerce and Industry said it previously predicted a 5% increase in exports to the UK this year but revised its assessment because of the pound's fall and the prospect of weakening investment.
The UK was the third most popular destination last year for German exports, taking goods worth 89.3 billion euro (£76.21 billion).
The group said most businesses expect bilateral trade to remain constant during Brexit negotiations but many expect it to fall once the UK has left the EU, with extra bureaucracy and legal differences a concern.