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Reply #15: Bundesbank cuts 2012 GDP growth f'cast to just 0.6 pct [View All]

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Ghost Dog Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Dec-09-11 07:44 AM
Response to Reply #5
15. Bundesbank cuts 2012 GDP growth f'cast to just 0.6 pct
BERLIN, Dec 9 (Reuters) - Germany's resilience to the
debt crisis engulfing its neighbours looked to be disintegrating
after data showed exports posted their biggest fall in half a
year in October, and the Bundesbank forecast a lean winter and
feeble growth next year.

With many euro zone members in danger of sliding into
recession by the end of the year, a monthly economy ministry
report said Germany's own momentum would slow in the fourth
quarter and that weakness in manufacturing and construction had
spread to the service industry.

The Bundesbank slashed its 2012 growth forecast to 0.6
percent, a third of the 1.8 perecent growth it had predicted six
months ago and below a government forecast of 1 percent.

"The crisis in public finances in a number of euro-area
countries, the ensuing uncertainty and general economic slowdown
are increasingly placing a strain on economic activity in
Germany," the German central bank said.

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