14 January 2009 14:31 [Source: ICIS news]
TORONTO (ICIS news)--?xml:namespace>
For the full 12 months of 2008 the economy was estimated to have grown 1.3% from 2007, said the country’s federal statistics office, the Statistisches Bundesamt in
This compares with annual growth rates of 2.5% in 2007 and 3.0% in 2006.
Roderich Egeler, president of the office, said in a webcast interview that the economy had started to cool down beginning in the 2008 second quarter.
Unlike in previous years, exports were no longer a growth driver for the economy last year, Egeler said.
Exports grew by 3.9% from 2007 while imports rose 5.2%, he said. This compared with 7.5% export growth and 5.0% import growth in 2007.
Egeler said he was pessimistic for the outlook in coming months but did not disclose detailed projections.
The statistics office is due to release detailed fourth-quarter GDP estimates on 13 February and an updated full-year 2008 estimate on 25 February.
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