Europe’s Biggest Economy Now In Recession

The recession is official after government figures showed that Europe’s largest economy contracted by 0.5% in the third quarter.

This is the second consecutive quarter that the economy has shrunk after a 0.4% contraction in the second quarter for Germany.

BBC

German car production line
Some German carmakers have had to cut back production

The fall in economic output, driven by falls in exports, was greater than many analysts had expected.

Rich countries’ think tank the OECD has also forecast a fall in Euro-area economic activity of 0.5% next year.

“A negative effect on gross domestic product came from foreign trade, with a strong increase in imports and weakening exports,” the Federal Statistics Office said.

Read the rest:
http://news.bbc.co.uk/2/hi/business/7726162.stm

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