Germany鈥檚 GDP slows more than expected in 2013 as exports hit
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The German economy, Europe’s biggest, slowed down more than expected last year as other countries’ financial troubles and a global economic downturn weighed on exports, official figures showed yesterday.
The 2013 growth rate of 0.4 percent was the weakest since the German economy shrank amid the global financial crisis in 2009 and compared with a 0.7 percent expansion in 2012. Economists and the government had forecast a 0.5 percent growth rate.
The Federal Statistical Office estimated that the economy grew by around 0.25 percent in the fourth quarter compared with the previous three-month period — about the same as the third-quarter figure of 0.3 percent. However, an official final-quarter growth number won’t be released until February 14.
Germany, unlike many other countries in the 18-nation eurozone, avoided recession as the continent struggled to get beyond its debt crisis. Still, the crisis hasn’t entirely passed the country by, and last year’s economic growth was fueled entirely by domestic demand.
“The German economy suffered from the continuing recession in some European countries and from restrained growth of the global economy,” statistical office head Roderich Egeler said as he presented the preliminary 2013 growth estimate. “The strong domestic demand could offset those factors only to a limited extent.”
German exports grew by a feeble 0.6 percent last year, following growth of 3.2 percent in 2012. Imports rose 1.3 percent, little-changed from the previous year’s 1.4 percent.
Private consumption, meanwhile, grew 0.9 percent — slightly above the previous year’s 0.8 percent. Germans have benefited from a sustained period of low unemployment.
The economy may pick up speed this year, and the government forecasts 1.7 percent growth.
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