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Business

German Construction Industry Slump Continues

The German construction industry is pessimistic in its forecast for 2003 and sees no immediate signs of improvement in its ongoing crisis. The Association of the German Construction Industry (HDB) lowered its business outlook for 2003 to minus 3.8 percent, down from minus 3.1 percent. The association announced in Berlin that revenues could fall further if the proposed new taxation policies of the German government were implemented. The industry reckons with a loss of about 40,000 jobs for the current year.