German Economy Contracts More Than Expected In Q4

(RTTNews) - Friday, the Federal Statistical Office said the German economy contracted 2.1% in the fourth quarter, the largest quarter-on-quarter decrease ever recorded in united Germany. The economy shrank 0.5% each in the second and third quarters of 2008. Economists were expecting a decline of 1.8% in the fourth quarter.

The price-adjusted GDP was down 1.6% annually in the fourth quarter compared to an increase of 1.4% in the third quarter. Meanwhile, calendar-adjusted GDP dropped 1.7% from the same quarter of the previous year, following an increase of 0.8% in the third quarter.

The statistical office said the negative influence on the GDP in the fourth quarter was exerted especially by fixed capital formation and by the balance of exports and imports because the price-adjusted decrease in German exports was much larger than that of imports.

The Federal Statistical Office is set to release more detailed results on February 25.

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