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Long winter shrivelled German economy, central bank says

AFP · 19 Apr 2010, 13:47

Published: 19 Apr 2010 13:47 GMT+02:00

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"Because construction activity was affected by winter weather even in March, we expect a slight decline in gross domestic product (GDP) in the first quarter," the Bundesbank said in its regular monthly report.

Disappointing new car sales suggest a dip in private consumption, further dragging economic activity down, the bank added.

Throughout most of the early part of the year, Germany was covered in a thick blanket of snow and ice, depressing construction activity and keeping consumers out of the shops.

Nevertheless, the Bundesbank said it expected the upwards trend of the German economy to continue in the second quarter.

The fourth quarter of 2009 had already marked a slowdown in the economy, with gross domestic product (GDP) stagnating after growth of 0.7 percent in the third quarter and 0.4 percent in the second.

The Federal Statistics Office is due to publish a first estimate of first quarter GDP on May 12.

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The economy is still recovering from its worst recession in more than 60 years, with GDP shrinking by five percent in 2009.

Berlin expects overall GDP growth of 1.4 percent this year.

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Your comments about this article

14:39 April 19, 2010 by William Thirteen
well then, lets hope the warmer weather enables the economy to grow longer and thicker...
16:20 April 19, 2010 by Hebbellover
I am guessing this coming winter might even be colder, thanks to a certain Volcano.
05:59 April 20, 2010 by wood artist
Nah. The coming winter will be mild...because it won't arrive on time...since the flight limitations will still be in place. Santa will probably have to skip most of Northern Europe too. Sad for the kiddies.
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