33（）

A．deals
B．voucher
C．bonus
D．rewards

Dear Sally,

I write this report to give a brief account of German economy. Please read through it and make any comment as you like. Thanks!

Bob

Recovery in Germany will remain halting through the year. The economy barely grew in the first quarter after two quarters of (19) , and while export-oriented businesses are headway, domestic demand remains (20) The economy will struggle to grow 1% this year.

Both consumer spending and business investment (21) in the first quarter, and neither is gaining (22) in the second. Retail sales in May fell for the second month in a row, as May unemployment posted the largest rise in five years. The jump resulted in (23) from new legislation, strike activity and holidays but it also (24) a large number of job losers and poorer (25) of finding a job. Economic growth won’t be strong enough to improve the labor market significantly until next year.

Business (26) is improving slowly. The closely watched (27) from the IFO institute dropped in June, and attitudes are mixed. Big exporters seem more (28) , but builders and retailers are more (29) On June 24, Germany’s retail trade association (30) its sales forecast for this year.

On the plus side, weak domestic demand and falling oil prices are (31) inflation and delaying the urgency for the European Central Bank to raise interest rates. The euro’s 12% rise vs. the dollar since February is an additional inflation dampener.

ually, rising exports will (32) capital spending, and consumers will benefit from rising pay -- helped by recent wage (33) -- along with low inflation and interest rates and planned tax cuts. But that is next year’s story.