German central bank slightly lowers growth outlook

Jun 07, 2013, 5:05 AM EDT

BERLIN (AP) — Germany's central bank is slightly lowering its growth forecast for this year but is maintaining its expectation of a robust expansion in 2014.

The Bundesbank said Friday it expects the economy to grow by 0.3 percent this year, down from its forecast of 0.4 percent issued six months ago.

It said the recession in the 17-nation eurozone and the unusually cold weather dragged down growth over the first six months, leading to a slower recovery.

The Bundesbank says it maintains its 2014 growth forecast of 1.5 percent.

Germany's government expects the economy to grow by 0.5 percent this year and 1.6 percent in 2014. It grew by 0.7 percent last year — much slower than in 2011 but still a positive performance compared with many other European countries.