German economy stagnant, says Bundesbank

Germany appeared to move a step closer to a new recession Monday when the Bundesbank estimated that the euro zone's biggest economy contracted slightly in the fourth quarter of last year.

'The German economy marked time in the last few months of last year,' the German central bank wrote in its February monthly report.

According to its preliminary calculations, gross domestic product was slightly lower in the fourth quarter of 2002 than in the previous three months.

On a 12-month basis, GDP was

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