12 February 2010 11:23 [Source: ICIS news]
(Adds EU statistics)
LONDON (ICIS news)--Germany’s economy stalled in the fourth quarter, showing no growth in output compared with the third quarter of 2009 and a 1.7% drop versus the fourth quarter of 2008, the federal Statistical Office (Destatis) said on Friday.
The slowing of growth in GDP compared with the third quarter was reflected across ?xml:namespace>
Statistics release by other EU member states showed
GDP growth slowed in the quarter across
The year-on-year fourth-quarter contractions were 2.3% in the EU and 2.1% in the eurozone, with the full-year 2009 falls at 4.1% and 4.0% respectively.
The only positive contribution to growth in
The fourth-quarter decline in Germany compared with the fourth quarter of 2008 was greater when adjusted for the number of working days available in each comparable quarter, at -2.4%, but was “markedly smaller” that the third-quarter 2009 year-on-year drop of -4.8%.
The number of people in work in Germany on a year-to-year basis in the fourth quarter shrank by only 0.4%, or 156,000, to 40.6m.
If growth were maintained at the fourth-quarter 2009 level, Germany's economy would expand by only 0.5% in 2010, the statistical office added.
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