(MENAFN) The German economy has overcome the hardships it encountered last year and is set to regain growth momentum this year on falling oil prices and a weak euro, Xinhua reported.
The Association of German Chamber of Industry and Commerce (DIHK) has raised the country's forecast for economic growth from 0.8 percent to 1.3 percent this year.
Gross domestic product (GDP) grew 1.5 percent in 2014, driven mainly by a strong start due to a mild winter, it narrowly avoided a recession during the summer on uncertainties including Ukraine crisis.
"The low oil prices relieve consumers and businesses, the weak euro drives exports, the low interest rate continues to promote construction activities," CEO of DIHK said in a statement.
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