Posted on 02/22/2005 1:40:58 AM PST by r5boston
A decline in domestic demand in Germany in the fourth quarter of 2004 contributed directly to the overall contraction in the eurozone's biggest economy at the end of last year, data published by the federal statistics office shows.
Confirming preliminary growth data published a week ago, Destatis calculated that German gross domestic product (GDP) shrank by 0.2 percent on a quarterly basis in the period from October to December.
The contraction was directly attributable to an 0.8-percent decline in domestic demand, Destatis said in a statement.
(Excerpt) Read more at story.news.yahoo.com ...
Fear of unemployment is driving up savings rates and squashing demand. The German economy needs severe tax cuts and deregulation.
Regards, Ivan
This must be that double dip I keep hearing about... though I could have sworn they were talking about the US
Some of us are so deeply saddened.
This is really not a good thing; economic stagnation is fuelling the rise of undesirable elements in German politics. Secondly, their failure means that the US has one less export market.
They have to dump Schroeder immediately.
Regards, Ivan
They need an anti-Senator-Hollings: "There ain't enough consumin' goin' on out there!"
Close the US bases in Germany. Now.
Dumping Schroeder may actually bring in a more radial goverment. The socialist mentality added with the German mentality of total daily control of all aspects of life seem to be the prevailing mood.
The tailspin downward of most Europe economys will probably have to hit bottom before reforms take place.
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