Germany slashes GDP forecast
- Published: 7 Dec 2012 at 20.46
- Online news:
BERLIN: The German central bank has slashed its 2013 growth forecasts for Europe's biggest economy as new data showed industrial production contracting sharply in October.
The Bundesbank now expects just 0.4% growth in 2013 -- down from its June forecast of 1.6% -- as recession and fiscal austerity take hold across the euro zone and following a slowing global economy.
"The economic outlook for Germany has dimmed," the Bundesbank said as it released the new growth projections.
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