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German economic recovery is expected to continue over the next two years, Bundesbank said Friday, raising its for forecasts for 2009 and 2010.
In its bi-annual economic outlook, the German central bank said the biggest Eurozone economy would grow 1.6% in 2010 and 1.2% in 2011 after contracting 4.9% this year. That was a sharp upward revision from its prediction in June, when the central bank said the German economy would contract 6.2% this year and stagnate in 2010.
"The outlook for the German economy has brightened perceptibly in recent months," Bundesbank said in a statement.
The central bank said the official unemployment figure could rise from 3.4 million this year to 3.8 million in 2010 and 4.2 million in 2011. This corresponds to an unemployment rate of 10.1% in 2011.
Moreover, the central bank said consumer prices are expected to increase by 0.9% in 2010 and 1.0% in 2011, compared with 0.3% this year. In June, the it had forecast that consumer prices should remain virtually unchanged in 2009. In 2010, however, they could rise by 0.5%.
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