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Germany Officially Enters Recession, Eurozone Likely to be Next
Germany has officially plunged into a recession, as the nation’s Federal Statistics Office revealed yesterday (Thursday) that Europe’s largest economy contracted by 0.5% in the three months through September.
The data is worse than many analysts had expected and follows a 0.4% decline in the second quarter. The economy last contracted this much over two consecutive quarters in 1996, making this Germany’s worst recession in more than a decade.
The slide may worsen, too, as German companies are struggling with dwindling export orders.
“If you think today’s numbers are already bad, just wait for the next quarter,” ING Financial Markets’ Carsten…
14Nov2008 | Money Morning | Comments Off | Continued
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