- the Bundesbank
Europe's biggest economy is likely to see a significant slowdown in the fourth quarter of 2012, due to the weak economic performance in the eurozone, the German central bank said on Monday. While many countries in the region fell into recession, German economy posted a growth of 0.5% in the first quarter and 0.3% in the second quarter.
"The past achievements show we are on the right path, though we still have a long way to go before we tackle the debt crisis," German Financial Secretary Thomas Steffen commented.
"There are increasing signs that, following a noticeable expansion in output in the third quarter, we might see stagnation or even a slight contraction in gross domestic product (GDP) in the fourth quarter," the Bundesbank said.
The Stoxx Europe 600 Index erased 0.41 per cent to 272.95. Germany's DAX Index fell 0.71 per cent to 7,328.05 and France's CAC 40 Index declined 0.61 per cent to 3,483.25.
© Dukascopy Bank SA