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November 12, 2010    

Germany and France see slowdown in Q3

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by Kay Murchie

Germany, which is Europe’s largest economy, saw a slowdown in quarter three economic growth after a record second quarter.

German statistics office, Destatis, said the economy grew 0.7% in the July to September period - compared with the record expansion of 2.3% in the April to June quarter - which represented the fastest since German reunification in 1990.

The 0.7% figure was slightly lower than expectations of 0.8%. However, slower growth was expected, according to Destatis.

On an annual basis, the German economy grew by a staggering 3.9%.

Commenting on Germany’s growth, Carsten Brzeski, from ING bank, said: “This year can still go down in the annals as the best growth year since German reunification.

“Third quarter growth demonstrates that the German recovery is much more than a simple statistical quirk: the German economy is a good way towards a self-sustained recovery,” he added.

In the meantime, France, experienced growth of 0.4% in the third quarter - slower than the 0.7% reported in the previous quarter, according to statistics office, INSEE.

In comparison, the UK economy expanded by 0.8% in the third quarter.

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