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German economic recovery falters German economic recovery falters
(20 minutes later)
Germany's recovery from recession faltered in the final quarter of 2009, according to preliminary figures released on Friday.Germany's recovery from recession faltered in the final quarter of 2009, according to preliminary figures released on Friday.
The German economy failed to grow at all in the last three months of the year, with GDP unchanged compared with the previous quarter.The German economy failed to grow at all in the last three months of the year, with GDP unchanged compared with the previous quarter.
That follows two consecutive quarters of growth in Europe's largest economy.That follows two consecutive quarters of growth in Europe's largest economy.
Meanwhile France reported a 0.6% rise in GDP for the same three-period - better than analysts expected.Meanwhile France reported a 0.6% rise in GDP for the same three-period - better than analysts expected.
Germany emerged from recession last summer thanks to a recovery in its exports - on which it largely relies.Germany emerged from recession last summer thanks to a recovery in its exports - on which it largely relies.
The BBC's Tristana Moore in Berlin said the figures were "worse than expected".The BBC's Tristana Moore in Berlin said the figures were "worse than expected".
Analysts were surprised by the figures, with the majority expecting modest growth in the last three months of the year.Analysts were surprised by the figures, with the majority expecting modest growth in the last three months of the year.
Year-on-year, the economy shrank by 1.7%, the figures showed.Year-on-year, the economy shrank by 1.7%, the figures showed.
"We no longer have a slump, but rather a very weak recovery," said Gerd Hassel, economist at BHF Bank. "The first quarter will probably turn out weak too.""We no longer have a slump, but rather a very weak recovery," said Gerd Hassel, economist at BHF Bank. "The first quarter will probably turn out weak too."
Data earlier this month showed a strong rebound in German exports, with exports up for the fourth month in a row in December.Data earlier this month showed a strong rebound in German exports, with exports up for the fourth month in a row in December.
That was despite an 18.4% fall in exports for 2009 as a whole - the biggest year-on-year fall since 1950, losing it the title of world's biggest exporter to China.That was despite an 18.4% fall in exports for 2009 as a whole - the biggest year-on-year fall since 1950, losing it the title of world's biggest exporter to China.
Meanwhile another quarter of growth in the French economy added to optimism over the strength of France's recovery from recession.Meanwhile another quarter of growth in the French economy added to optimism over the strength of France's recovery from recession.
"I think [0.6%] is really a satisfactory result that proves that the stimulus measures we took ... were efficient," said Christine Lagarde, the French economy minister, speaking to a French radio station."I think [0.6%] is really a satisfactory result that proves that the stimulus measures we took ... were efficient," said Christine Lagarde, the French economy minister, speaking to a French radio station.
The euro fell sharply against both the pound and the dollar immediately following the announcements.