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German economy grows 0.5 pct in Q3

German economy grows 0.5 pct in Q3

15 November 2011 12:04 (UTC +04:00)

Baku - APA-Economics. Official figures show the German economy eked out solid economic growth of 0.5 percent in the third quarter of 2011, largely on the back of higher consumer spending.

The Federal Statistical Office said Tuesday said that German private consumers and corporate spending fired the economy in the July to September period, compared to the previous quarter. The increase was in line with market expectations.

Compared with the year before, Europeâ€™s largest economy grew 2.6 percent.

Germanyâ€™s economic recovery over the past couple of years has been driven by exports and improved domestic demand, even as many in the 17-nation eurozone struggle in the face of mammoth debts.

Germany is expected to see growth falter in the months ahead as Europeâ€™s debt crisis remains intense.

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