Dak, that number is annualized
-German GDP shrinks in Q1 on construction,imports
Thu May 22, 2003 02:39 AM ET
(adds analysts' comments)
By Nick Antonovics
BERLIN, May 22 (Reuters) - Germany's statistics office said on Thursday a fall in construction investment and surge in imports were responsible for a 0.2 percent decline in German gross domestic product in the first three months of the year.
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Despite the disappointing first quarter data, Germany's government has stuck doggedly to its forecast that Germany's economy will grow 0.75 percent. However, all major international organisations and most analysts are more pessimistic.
Kurz said he also expected the economy to grow 0.5 percent this year.
reuters.com
German "wise man" sees deficit growing in 2003
Mon May 26, 2003 03:18 PM ET
BRUSSELS, May 26 (Reuters) - A top German economist said on Monday he expected Germany to record a larger deficit in 2003 than the 3.6 percent of gross domestic product it notched up last year.
"I expect that we can be satisfied if we remain under 3.6 percent (deficit as a proportion of GDP) this year. It will probably be rather more," said Wolfgang Wiegard, chairman of the "five wise men" panel of government economic advisers.
In a speech to the Conrad Adenauer Foundation in Brussels, Wiegard played down the dangers of deflation.
"One cannot exclude the risk of deflation and one must monitor it, but I do not see this at the moment. I do not think that this danger is real," he said.
He also predicted the European Central Bank would lower eurozone interest rates next week.
"I'm convinced that the ECB will cut rates on June 5. The question is will it be 50 or 25 basis points. I'm ready to bet that the ECB will cut by 50 basis points," Wiegard said.
ECB Domingo Solans blasts German failure to reform
Mon May 26, 2003 12:52 PM ET
MADRID, May 26 (Reuters) - European Central Bank Executive Board member Eugenio Domingo Solans said on Monday that Germany had made no structural reforms for years and has been suffering from a crisis of leadership.
reuters.com |
