Slow Growth Not an End to Recovery | Business| Economy and finance news from a German perspective | DW | 22.11.2004
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Slow Growth Not an End to Recovery

German economic growth may have slowed sharply in the third quarter, but the recovery of the eurozone's biggest economy is still on track, the Bundesbank insisted in its November monthly report published Monday. German gross domestic product (GDP) grew by just 0.1 percent on quarterly basis in the third quarter of this year, substantially slower than the 0.4 percent recorded in each of the preceding two quarters, largely as a result of a slump in exports. "The economic upturn of the months has run into choppy waters, with the recovery process observed in the preceding two quarters sharply losing momentum," the German central bank wrote. "But despite this slowdown in economic activity, the recovery process hasn't been aborted completely," it said. The anticipated upturn in equipment investment "got started in the third quarter, even if it still remains to be seen whether this upturn can be sustained." (AFP)