German Finance Minister, Schaeuble, speaking on the German growth prospects and on Brexit at the World Economic Forum (WEF) in Davos said that Brexit is likely to have little impact on eurozone growth prospects in 2017.

Schaeuble said that the eurozone economy is improving and Germany is doing well, driven by internal demand. Schaeuble acknowledged the rise in political uncertainty, said that geopolitical risks have increased.

The German Finance Minister called for more free trade for more inclusive growth and urged the need for financial regulation to avoid mistakes of the past. He called for Washington to stick to international agreements under the presidency of Donald Trump adding that he does not expect a major trade war despite the President-elect's attack on German car makers.

Deputy Finance Minister Jens Spahn said in a newspaper interview published on Thursday that Germany is not willing to automatically increase its contribution to the European Union's budget after Britain leaves the bloc.

Germany currently makes the largest net contribution to the EU budget each year at more than 15 billion euros. The possible Britain, which is the second-largest net contributor could mean Germany's share of the EU's gross domestic product would rise to 25 percent from 21 percent currently.