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Global economic growth slows slightly: German think-tank
Last Updated: 2017-08-11 07:58 | Xinhua
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The global economy has lost some of its momentum over the summer, a study published on Thursday by the Munich-based Ifo Institute for Economic Research warns.

Ifo's barometer for global economic sentiment dipped by 0.3 points to 12.7 points in the third quarter of 2017. While the experts polled rated the status quo much more positively than they had back in April, they retracted some of their optimistic forecasts for the coming months.

"The global economic recovery should continue into the second half of 2017, albeit at a slightly lower pace," Ifo president Professor Clemens Fuest concluded in a statement.

A total of 1,123 experts from 121 countries and regions were surveyed for the study.

Economic sentiment improved in the eurozone which has so far gone from strength to strength in 2017. In stark contrast, the country-specific barometer for economic sentiment in the United Kingdom collapsed from 4.7 points to minus 46.3 points.

Britain voted to leave the European Union in a referendum last year and now faces difficult negotiations in which it hopes to secure a favorable settlement with its largest trading partner. While the British economy appeared to weather the "Brexit" vote well at first, rising inflation following a steep fall in the value of sterling pound is now increasingly reflected in subdued consumer spending.

The British economy only grew at half the speed of the eurozone in the second quarter of 2017 as it added a modest 0.3 percent to Gross Domestic Product, according to the study.

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