Deutsche Bundesbank Monthly Report, March 2005

The Deutsche Bundesbank has published the English version of its March 2005 Monthly Report. Real GDP in the fourth quarter of 2004 was down 0.2% on the figure for the preceding three-months.

The dulled momentum of the economy in the fourth quarter of 2004 was due in part to the fact that the sharp rise in investment in machinery and equipment recorded in the second and third quarters did not persist into the final months of the year. By contrast, construction investment, which had been on the

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