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Germany slashes growth forecast

Germany has sharply lowered its growth forecast for next year to 1%, from 1.8 % previously, because of the impact of uncertainty in financial markets.

Economy Minister Philipp Roesler said that despite the slowdown, the country is not headed for recession.

Mr Roesler said Germany's gross domestic product for this year would reach 2.9%, above the 2.6% forecast in April.

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From Belfast Telegraph