In this Jan. 30, 2020 file photo, a ThyssenKrupp coking plant steams for the nearby steel mill in Duisburg, Germany. (File photo: AP)

Global shortages in industrial components and raw materials have cramped Germany's export driven economy, prompting the country's leading economic institutes on Thursday to slash their forecast for GDP growth this year.

In their biannual forecast, the research groups (DIW, Ifo, IfW, IWH and RWI) said supply bottlenecks were "hampering manufacturing", revising down their estimate for 2021 to 2.4 percent from their earlier prediction of 3.7 percent made in April.