German economy set to slow further

Europe’s powerhouse Germany will likely lose further momentum at year-end as its economy is now feeling the affects of the eurozone debt crisis and a global slowdown, the Bundesbank said yesterday.

The central bank said in its monthly report for November that more and more sectors no longer expected the economy to recover quickly but instead saw the eurozone debt crisis and global slowdown weighing on large parts of the economy.

“The economy currently presents a mixed picture, which is likely to cool further towards year-end,” the Bundesbank wrote in the report.