Germany's Q4 2012 GDP decline estimated at 0.5% - statistics office

15 January 2013 14:32  [Source: ICIS news]

LONDON (ICIS)--Germany’s economy shrank an estimated 0.5% in the 2012 fourth quarter from the third – its worst quarterly performance since the 2008/2009 global financial and economic crisis, according to preliminary data by the country’s federal statistics office on Tuesday.

However, the Statistisches Bundesamt in Wiesbaden said that GDP grew 0.7% year on year in 2012 from 2011, mainly driven by exports.

“In 2012 the German economy proved to be resistant in a difficult economic environment and withstood the European recession,” said Roderich Egeler, president of the office.

In the second half of 2012, however, economic activity in Germany slowed down considerably, he added.

Analysts attributed the decline in the 2012 fourth quarter from the third mainly to a reduction in investments in plants and machinery. The statistics office is due to release detailed quarterly data next month.

In 2011, Germany’s GDP grew 3.0% year on year and in 2010 it grew 4.2% as the country recovered from the 2008/2009 crisis.

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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