The German government sees the economy expanding by a mere 0.8 percent this year and by 1.0 percent in 2013 but Germany’s “wisemen” panel of economic advisers expect the country’s gross domestic product (GDP) to grow also by just 0.8 percent next year, Handelsblatt business daily said on Tuesday. Orders data for August was revised upwards to a drop of 0.8 percent from a fall of 1.3 percent. Scars On 45: albums, songs, playlists Listen on Deezer Sign up for Deezer for free and listen to Scars On 45: discography, top tracks and playlists. Industrial companies have taken a hit in recent weeks, with Continental CONG.DE, Germany's biggest tyre maker, saying it will scale back some production as Europe's debt crisis saps demand, while Linde LING.DE, the world's No.2 industrial gases producer, is gearing up for tough times by extending its cost-cutting programme until 2016. Germany is due to release September output data on Wednesday at 1100 GMT, and the consensus forecast in a Reuters poll is for production to fall by 0.5 percent. The ministry said the overarching trend in industrial production was likely to be downward in the coming months. “A back-to-back monthly reduction in private sector employment further suggests that the German economy is approaching the year end on a weaker footing, as lower workloads and worsening economic sentiment continue to bite,” he added. “At its current level, the composite PMI figure raises the likelihood of an outright GDP contraction during the final quarter of the year,” Markit senior economist Tim Moore said. Markit’s composite Purchasing Managers’ Index (PMI), tracking activity in manufacturing and services, fell more than forecast to 47.7 in October from 49.2 in September, well below the 50 mark separating growth from contraction. Tuesday’s figures were the latest in a string of data that has sparked talk of recession by indicating that Germany, Europe’s economic powerhouse and growth engine, is losing momentum three years into the euro zone’s sovereign debt crisis. BERLIN (Reuters) - Germany’s private sector shrank for a sixth straight month in October and industrial orders fell at their sharpest rate in a year, data showed on Tuesday, highlighting the heavy toll the euro zone crisis is taking on Europe’s largest economy.
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