German economy falls into recession
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Independent Minds
New government data show that the German economy is officially in recession.
Europe's biggest economy recorded negative growth for a second consecutive quarter in the third quarter.
The Federal Statistical Office said today that gross domestic product contracted by 0.5% in the July-September period compared with the previous quarter.
The economy contracted by 0.4% in the second quarter - its first decline since late 2004.
A technical recession is defined as two consecutive quarters of negative growth.
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