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Bloomberg
Germany’s economic growth picked up only moderately in the first quarter and the underlying pace of expansion remains subdued on the back of an industrial downturn, according to the Bundesbank.
Orders in manufacturing have “literally collapsed†and the mood has “significantly deteriorated†in the industry that used to be the motor of export-heavy economy, the German central bank said in its monthly report on Monday.
The sobering assessment comes after the economy barely skirted a recession at the end of last year and prospects for recovery remain dim. Bundesbank President Jens Weidmann admitted that growth could be slower than 0.8 percent this year and government is reportedly preparing to slash own predictions as early as Wednesday.