Hard Brexit could wipe at least 0.5% off German GDP – BDI

BERLIN (Reuters): If Britain quits the European Union without a deal, that could shave at least 0.5% off Germany’s gross domestic product (GDP), the head of Germany’s BDI industry association said on Tuesday.

BDI Managing Director Joachim Lang said that would equate to around 17 billion euros ($19.30 billion or £14.7 billion) being slashed off GDP this year alone. He said Britain would probably fall into recession if there were a hard Brexit.

“Contingency measures taken by companies and politicians could water down the worst effects but we would still really feel the impact of a hard Brexit,” Lang said, according to the text of a speech he was giving in Berlin.

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