RTTNews - The German economy is expected to perform better than anticipated in the third quarter, European Central Bank Governing Council member Axel Weber reportedly said.

In an interview to German newspaper Sueddeutsche Zeitung on Sunday, Weber, who is also the Bundesbank President, said economic contraction in the biggest-Eurozone economy this year would be slower than the 6% predicted by the Bundesbank.

Germany unexpectedly exit recession in the second quarter. GDP rose 0.3% on-quarter, the first increase in five quarters.

He told the newspaper that its too early to declare that the financial crisis is over.

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