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News Summary: German economy recovering

The Associated Press

RECOVERY: Germany's central bank lowered its growth forecast for this year but said a recovery had already started, as evidenced by a rise in export and industry figures in Europe's largest economy.

EU PAIN: The broad recession in the 17-nation eurozone and the unusually cold weather in Germany dragged down growth over the first few months of the year, the Bundesbank said. It now expects the economy to grow by only 0.3 percent in 2013, down from its December forecast of 0.4 percent.

END OF THE TUNNEL: The Bundesbank said, however, that the economy is already showing signs of recovery, which it said would lead to robust economic expansion in 2014. Private consumption should also be a driver of growth this year, thanks to low unemployment, decreasing inflation and rising wages.