DHAKA: Germany, Europe’s biggest economy, will avoid recession and return to growth in the first quarter of the year after activity contracted at the end of last year.
The Bundesbank said on Monday, reports The Straits Times.
‘As it currently looks, a plus in economic output can be expected in the first quarter of this year,’ the German central bank said in its February monthly report.
German gross domestic product (GDP) shrank by 0.6 percent in the last quarter of 2012. It was to decline again in the current quarter, Germany would technically be in recession, which is defined as two quarters running of economic contraction.
But the Bundesbank joins other economic experts and observers who believe the dip in growth will prove short-lived.
‘For the rest of this year, the economy is expected to pick up gradually, even if the external economic environment will provide no trigger for a sharp surge in demand,’ it wrote.
BDST: 1918 HRS, FEB 18, 2013
Edited by Robab Rosan, Cultural Affairs Editor- firstname.lastname@example.org
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