Germany

摘要

The full national accounts release shows that consumption contracted for a second consecutive year in 2008 while also falling by 0.1% in Q4 (q-o-q). Investment plunged by a huge 4.9% during the quarter, contracting in the face of slumping external and domestic demand. After the 2.1 % (q-o-q) fall in Q4 GDP, the economy is nowfacing its steepest slump since the Federal Republic was established. External trade proved to be an especially large drag on GDP, with exports falling sharply during the quarter. This is a serious blow to an economy where exports represent over 50% of GDP, much more than the US, Japan or France, and have been relied upon to drive growth in recent years.