Germany's Bundesbank has slashed its growth forecast for Germany in 2013 to 0.4 per cent from 1.6 per cent.
For this year, it's now expecting growth of 0.7 per cent, down from the one per cent it predicted in June.
The Bundesbank is expecting the German economy to contract in the fourth quarter of 2012 and stagnate in the first quarter of 2013.
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