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Despite falling by half, Germany's 4th-quarter GDP meets targets

Despite falling by half, Germany's 4th-quarter GDP meets targets

Economic growth in Germany fell by more than half in the final three months of 2007, the government said Tuesday but the country's exports kept the rate competitive.
The government's Federal Statistics Office said that gross domestic product grew 0.3 percent in the October-December period compared with 0.7 percent in the previous quarter.
The figure was lower in part because of an apparent reluctance by German consumers to spend, a move that can hold growth back as the makers of everything from washing machines to automobiles scale back production to fall in line with demand.
On the year, German GDP rose 1.6 percent over the fourth quarter of 2006, or 1.8 percent when adjusted for the number of working days in each quarter.
The figures were in line with the government's preliminary figures that it published earlier this month and were the same as the estimates that economists polled by Dow Jones Newswires had predicted.
The provisional growth rate for 2007 GDP was not changed from the figure released last month _ 2.5 percent, or 2.6 percent when adjusted for calendar differences.


Updated : 2021-03-02 03:43 GMT+08:00