German downturn reverberates across economy

Posted by 7Star Thursday, April 2, 2009

German engineering orders collapsed and retail sales fell in February, highlighting the breadth of the downturn in Europes largest economy, and Finance Minister Peer Steinbrueck said any recovery would be very slow. Engineering orders declined by 49 percent on the year, industry association VDMA said on Wednesday, the steepest decline since it began tracking the data in 1958.

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