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Business

German Economic Growth Slows to Nine-Year Low

Germany's annual growth slowed to 0.2 percent last year, the slowest rate since unification. "Overall economic development in Germany in 2002 was disappointing, as in previous years," Federal Statistics Office Johann Hahlen said in a statement. The slow growth rate was alone the result of an increase in German exports. The figures also revealed Germany's increasing budget deficit which now stands at 3.7 percent of economic output, well above the limit which underpins the euro.