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The recovery of the German economy lost momentum at the end of 2009, the Federal Statistical Office said Friday. The gross domestic product stagnated on a sequential basis in the fourth quarter, following a 0.7% rise in the prior quarter. Economists had expected a quarterly growth of 0.2%.
The price-adjusted GDP declined 1.7% annually, smaller than the 4.7% contraction seen in the third quarter. The consensus forecast was for a 1.6% fall. Upon calendar adjustment, the annual decrease was 2.4% compared to a 4.8% drop in the previous quarter.
According to Destatis, economic performance was achieved by 40.6 million persons in employment, which was a decrease of 156,000 persons or 0.4% on a year earlier.
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