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German growth slumps in 2012, govt slashes 2013 forecast

Afp, Wiesbaden, Germany
Germany turned in its weakest growth in four years in 2012, data showed on Tuesday, and the government halved its forecast for 2013 as Europe's top economy is increasingly hit by the debt crisis.
The national statistics authority, Destatis, calculated that German gross domestic product (GDP) expanded by a feeble 0.7 percent in 2012, after notching up growth of 4.2 percent and 3.0 percent respectively in2010and2011.
And growth is set to slow even further this year, the government believes.
In its annual economic report to be published on Wednesday, the government has slashed its growth forecast for the current year to 0.4 percent, an economy ministry source told AFP
Until now, Berlin has been pencilling in growth of about 1.0 percent for 2013, but the source said the number "will be closer to 0.4 percent", but that growth would rebound again to 1.6percentin2014.
Throughout the crisis, Germany has fared better than its European neighbours thanks in part to deep and painful economic reforms undertaken a number of years ago. The eurozone as a whole is, in fact, in recession and one which is set
to deepen further, according to forecasters at leading German, French and Italian think-tanks last week.
Owing to the extent of the downturn around it, German growth slowed last year from 0.5 percent in the first quarter to 0.3 percent in the second quarter and 0.2 percent in the third.
Destatis' top statistician Norbert Raeth said GDP likely contracted by "around a quarter of a percentage point" in the period from October to December.
Nevertheless, analysts believe the lull in growth will prove only temporary.
Destatis president Roderich Egeler insisted that "overall, the German economy proved itself to be very robust."
Growth was powered by strong exports and solid private consumption, while investment was weak.
The comparative health of the German economy has enabled it to get its finances in order, meanwhile.
For the first time in five years, the overall state budget -- which covers both the federal government, the regional and municipal authorities, as well as the social welfare administration — showed a bigger-than-expected surplus of 2.2 billion euros ($2.9 billion), equivalent to 0.1 percent of GDP.