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(CEP News) Frankfurt - The German economy grew 1.3% in 2008, down from both the 1.4% growth rate expected and 2007's 2.5% increase, the Federal Statistical Office (Destatis) reported on Wednesday.
Breaking down the figures, Destatis reported that investment in Germany rose 5.3% over the year, while private consumption remained flat. Exports increased 3.9%. However, import growth overshadowed this increase, rising 5.2% over the same period. Furthermore, Destatis noted that the German public deficit as a percentage of GDP shrank to 0.1% in 2007, in line with expectations and down 0.1 percentage points from 2006's figure. Meanwhile, 2006's reading was revised down from an initial estimate of 0.0%. The euro is currently trading up 0.93% at $1.3306 USD. Written by CEP News European Staff in Frankfurt,
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