THE TAKEAWAY: German Q4 2011 GDP as expected -> EU projects weak growth in 2012 -> Euro unmoved on the news
The German economy expended 1.5% from this time last year, the German statistics bureau said in a release today. GDP shrank -0.2% in 2011’s fourth quarter, after growing 0.6% in the quarter before that. The numbers were in line with economists’ predictions. Europe’s largest economy is expected to grow by some 0.5% in 2012 as the Euro area struggles to pick up the pieces after a widespread debt crunch stunted growth.
The Euro was unmoved by the as-expected numbers. The single currency yesterday broke through some critical multi session resistence at 1.3325, which could now open the door for additional gains in the Euro over the coming days.