German Economy Isn't In Recession, Says Finance Minister

The German economy isn't contracting, although the pace of growth has been dented by geopolitical headwinds and a dampening mood among investors and consumers, German Finance Minister Wolfgang Schaeuble said in Washington on Thursday. "We don't have a recession in Germany" but "weakening of growth," he said. Germany's economy is poised to expand by 1.5% this year, he added. Earlier Thursday, a report showed German exports in August logged their deepest monthly fall since January 2009, adding to a mounting pile of dreary data from the country. "Don't forget" that Germamy remains "the engine of growth in the eurozone," Schaeuble said at an event hosted by the Bertelsmann Foundation.