Germany's Ifo thank tank has cut its growth forecasts for this year, 2019 and 2020, warning that the car industry's woes would last until next year, while and Brexit- and trade-related uncertainty would also drag.

The institute says expects Europe's largest economy to expand by 1.5% this year, compared to its previous estimate of 1.9%.

It lowered its 2019 growth forecast to 1.1% from 1.9%.

For 2020, it said it expected growth of 1.6%, compared with its previous prediction of 1.7%.