Germany officially slides into recession

FRANKFURT, Germany, Nov. 13 (UPI) -- Germany's economy has officially fallen into a recession, as officials said its third quarter gross domestic product shrank by 0.5 percent.

Europe's second largest economy also contracted in the second quarter, shrinking 0.4 percent, The Times of London reported Thursday.

The Federal Statistics office said third quarter's contraction was due to "foreign trade, with a strong increase in imports and weakening exports."

Siemens, one of the country's largest companies warned its 2009 profit projections were "clearly ambitious" and announced a loss of $2.98 billion in its fiscal fourth quarter, adding to the gloom, The Times said.