(MENAFN- Qatar News Agency) The German economy slowed more than forecast in 2013 after a jump in consumption failed to offset a weak performance by trading partners and a slump in corporate investment, data released by the statistics office showed Wednesday.
Europe's biggest economy grew by a lackluster 0.4 % last year - its slowest pace since 2009 when it plunged into recession, the Federal Statistics Office sai
German gross domestic product (GDP) probably came in at 0.25 % in the final quarter of 2013 after it expanded at a similar pace in the three months ended September, the statistics office also sai
Analysts had expected Wednesday's data would show German economy expanded by 0.5 % in 2013 after it grew by 0.7 % in 201
The country posted a solid 3.3-per-cent expansion rate in 201
"Obviously, the German economy suffered from the continuing recession in some European countries as well as from restrained growth in the global economy," said Roderick Egeler, president of the statistics office, as he released the dat
Strong domestic demand could only compensate for the weak performance of Germany's trading partners to a limited extent, Egeler sai
While private consumption grew by 0.9 % last year and public spending gained 1.1 %, exports increased by 0.6 % - down from the 3.2-per-cent rate in 201
Imports rose by 1.3 % resulting in trade making a negative contribution to last year's GDP. Worryingly, investment slumped for the second consecutive year, contracting by 0.8 % in 201
Corporate investment in machinery and equipment slumped by 2.2 % last year, the statistics office said. GDP was also hit last year by a long, cold winter, which almost resulted in the country stumbling into recession during the first three months of the year. While parts of the Eurozone are battling to clean up their state finances, Germany's budget deficit stood at a meagre 0.1 % of GDP last year, the statistics office said. This left the budget deficit well within the 3-per-cent level required for euro member states after a small surplus in 2012.
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