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The German economy is good in shape after strong growth in the year to date a somewhat weaker development is emerging for the year-end quarter as expected. The production in the industry, as well as in the construction industry has declined compared with the third quarter. However, is the economy as a whole as very robust. The positive development of employment and income support private consumption and stabilize the domestic developments. After the strong growth of the German economy in the course of the previous year, a quieter pace is looming for the year-end quarter. Macroeconomic performance per quarter in the first three quarters of the year 2011 real grew by an average 0.7%. While the activity in the manufacturing sector, including the construction industry slowed down already in the course of the third quarter.

It is likely to remain the present indicators according to subdued in the fourth quarter. The service areas so far strongly contributed to the overall economic growth. But also here suggests a deceleration in the pace. The reasons for the cautious views on the coming months are finding less domestically, but rather in the deterioration of the European and international environment. The noticeably weaker in the course of this year dynamics of world trade reflects this development. According to the surveys of economic international business climate deteriorated significantly. In particular, the sovereign debt crisis in some euro area countries, as well as the still fragile state of financial sector provide for uncertainty.

This affects also the economic behavior. The company, not only in the euro area, act more restrained. In this environment the German economy proved so far extremely robust. The volume of production in the manufacturing sector recovered after falling twice in succession in October even slightly (+ 0.8%). Tend the production in the industry and in the construction industry remained still declining (two month comparison: – 2.6% or) -2.1%).

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