German Central Bank estimates the ongoing recession in 2009, Governor Axel Weber said on Wednesday (26/11), after the government said that the depreciation can not be overlooked.
"In the annual average, I now predict negative growth," Weber said in a release commenting before his speech in Berlin.
The central bank, or Bundesbank, will release an official estimate of the projected activities of Europe's largest economy is on 5 December, he was writing.
On Tuesday (25/11), German Finance Minister Peer Steinbrueck admitted officially for the first time the German gross domestic product (GDP) down to 1.0 percent next year.
Germany officially entered the first since the 2002-2003 recession in the third quarter of this year.
Picture source : http://www.topnews.in/files/bundesbank-logo.jpg
jossy syam
November 29, 2008 9:14 PM
With German GDP going down 1% next year, this will put EUR into catastrophic bear marker to about 0.8 per USD just like the 10 years ago the last recession
MoneyEnergy
November 29, 2008 10:43 PM
Excellent blog, I just discovered you through Entrecard.... I like the topics you cover here. I think the recession will cover most of 2009 as well.
NYoMaN
November 30, 2008 2:15 AM
end of 2009? wow so long still 13 mths++
indra putu achyar
November 30, 2008 7:42 AM
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