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MacroeconomicsDate Response Question – Practice sheet1.Study the extract below and answer the questions that follow.German economy contracts1.Europe’s biggest economy and a leading exporter, contracted by 0.5 % in the third quarter of 2008 after itcontracted 0.4 % in the three months to the end of June, leading to increasing concerns about deflation.2.Growth slowed due largely to a strong euro and rising oil prices.“A negative effect on gross domesticproduct (GDP) resulted from foreign trade, with a strong increase in imports and weakening exports,” thestatistics office said.Many businesses have reduced production due to falling demand.GDP is now expectedto contract by a record 6.2 % for 2009, the worst fall since World War II.3.German unemployment could increase by around one million in 2009 and reach 4.4 million or 10.5 % by mid-2010.There will be gradual recovery starting in the second half of 2009, but economic growth will not returnuntil the second half of 2010, according to the OECD*.

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