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27	Oktober 2018

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BERLIN Adidas Mitchell Marner Jersey , Sept. 26 (Xinhua) -- Confidence in German economic prospect is fading due to weak global growth and geopolitical tensions, as recent surveys showed on Friday.

German consumers, enterprises, investors and economists agreed increasingly that German economy, the largest one in Europe, was losing momentum and might miss its growth target this year.

Market research institute GfK said on Friday that its forward-looking indicator for German consumer morale for October was expected to drop for the second consecutive month.

Consumers' confidence in economic outlook in September, as well as their income expectations and willingness to buy, also worsened, found the GfK's survey based on 2000 interviews.

"According to consumers, the ongoing tense geopolitical situation and economic weakness in a number of eurozone countries are likely to have a greater impact on the German economy in future," said the institute in a statement, adding that "the first signs of uncertainty are beginning to show among German consumers".

On Thursday, Ifo, the economic think tank in Munich, also found German companies were no longer confident that German economy would grow strongly in the second half of the year, as its business climate index in September dropped to its lowest level since April 2013.

"The economic climate is still characterized by great uncertainty. The risk of a sanction spiral with Russia continues to exist and economic activity in the eurozone remains disappointing," said Clemens Fuest, president of Center for European Economic Research (ZEW) in Mannheim earlier this month.

ZEW's index for investors' confidence, another important indicator for economic outlook, decreased for the ninth consecutive month in September.

Confidence is important for an economy, as it would affect economic decisions and activities in the future.

"Should the crises escalate further, a deterioration in the general conditions in Germany, which have so far remained excellent, cannot be ruled out. In this case, there is a danger that private consumption would no longer fulfill its role as a key pillar of the German economy," said GfK in its Friday report.

In the second quarter of 2014, Germany's gross domestic product (GDP) contracted by 0.2 percent, following a growth of 0.7 percent during the three months from January to March. Consumption was the only positive contributor for GDP growth, according to German Federal Statistical Office.

German government currently forecast economy to expand by 1.8 percent this year and by 2 percent in the next. Economists, however, were less optimistic.

Last week, Berlin-based German Institute for Economic Research (DIW) cut its forecast for German economic growth in 2014 to 1.5 percent, referring to weak world economy, poor eurozone performance, as well as uncertainties due to Ukraine crisis, which was expected to dampen foreign trade and investment.

NAIVASHA, Kenya, Oct. 3 (Xinhua) -- Kenya's flower farms on Friday threatened to relocate to neighbouring countries after talks between EU and East Africa Community (EAC) collapsed and thus attracted taxes in accessing European markets.

Kenyan flower exporters had started paying taxes on goods entering the EU from Oct. 1, while their relief, the Economic Partnership Agreement (EPA) which grant Africa product tax free in the European market, is said to take six months for ratification.

Anxiety and confusion has gripped the over 60 farms operating in lakeside town of Naivasha, about 90km southwest of Nairobi, where 75 percent of flowers to EU markets come from.

Apart from massive job losses estimated to be over 250,000, the farmers warned that the country will lose economically in the long run due to its failure to sign the agreement.

With the sector facing a new tax of around six percent on its products, the farmers warned of a financial crisis three days after the new tax regime came into force.

Two of the leading companies in Naivasha, Maridadi and Van Den Berg Flower Farms were however quick to note that the effects were yet to trickle down.

Maridadi Flowers Managing Director Jack Kneppers warned that 50 percent of flower farms would be closed down by end of 2015, if the current impasse was not solved.

Kneppers said that the new taxes spelt doom for the sector as the country's products would be competing with cheaper flowers from other countries.

"Some of the farmers mainly those dealing in vegetables are considering relocating to Ethiopia or Tanzania where the labour is cheap and their products won't be taxed," he told Xinhua.

"Flower farms might be forced to follow suit next year and relocate to Ethiopia if the government doesn't resolve the EPA issue with the European Union," he said.

The sticking point for most African governments is that domestic industries will find it hard to compete with European companies.

The disadvantage for Kenya is a relatively strong manufacturing base, which does not fall in the Least Developed Countries category that allows tariff-free exports to the EU.

Least developed country status means other member states will continue benefiting from tax exemptions, even if the signing of the EPA is delayed.

According to Kenya Flower Council Managing Director Jane Ngige, price of Kenya's flower exports to the EU could rise by 5-8 percent, since exports have been categorized under Generalized System of Preference (GSP) tariffs.

Under the regime, Kenyan goods will be charged between duty depended on type of products. Fresh roses and cut flower will attract import duty of between five and 8.5 percent while roasted coffee 2.6 percent

The GSP is a preferential market access scheme for developing country granted unilaterally by the EU under certain conditions.

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