Germany’s growth weaker than expected in 2013

The German economy grew by a weaker than expected 0.4 per cent in 2013, a preliminary estimate from the Federal Statistics Office showed today.

The reading compared with a consensus forecast in a Reuters poll of 18 economists for expansion in gross domestic product (GDP) of 0.5 per cent.

Germany has been a pillar of strength throughout the euro zone crisis but growth slowed to 0.7 per cent in 2012 and the economy skirted recession at the start of 2013 before picking up steam from the second quarter on.

Economists expect the German economy to crank up a gear this year, forecasting growth of between 1.2 and 2.0 per cent. (Reuters)