The Ifo institute upgraded its German economic growth for 2015 on Wednesday. Germany's economy is expected to grow 1.9% this year, up from the previous estimate of 1.5%, and 1.8% in 2015.

The upgrade was driven by stronger private consumption.

The Ifo institute expects private consumption to remain the main driver, corporate investments to expand, while construction boom to continue.

Imports are expected to grow stronger than exports.