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German economy slows in Q3 as exports drag

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November 14, 2013 03:40 AM EST | AP

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BERLIN (AP) — German economic growth slowed in the third quarter as exports weighed on the economy.

The Federal Statistical Office said Thursday that Europe's largest economy grew by a quarterly rate of only 0.3 percent in the July to September period, down from the 0.7 percent growth recorded in the second-quarter.

Individual growth components are slated for release later in the month but the office said "positive contributions were made only by domestic demand." It added that "the balance of exports and imports... had a downward effect on GDP growth."

ING analyst Carsten Brzeski said factors like low unemployment, increasing wages and strong external demand for German products indicate the country's "economy remains the stronghold of the Eurozone."

He says "there is little reason to doubt the stability of the German economy."