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German exports decrease at fastest pace since December 2011

  • German exports fell at their fastest pace since late last year, adding to evidence that the euro zone crisis has started to hit the currency bloc's largest economy.

    Imports fell 1.6 percent and exports declined 2.5 percent, data from the Federal Statistics Office indicated on Thursday.

    The seasonally-adjusted trade surplus narrowed to $21.7 billion from $23.1 billion in August.

    In recent months, Germany's economy has seemed immune to the eurozone crisis but economists now expect it to contract in the fourth quarter.

    Last month, Germany's government cut its forecast for growth next year to 1 percent.