Germany's public deficit fell to 1 per cent of gross domestic product (GDP) last year despite Europe's biggest economy contracting in the final quarter, dpa quoted the statistics office as saying Friday. Adjusted for prices, seasonal and calendar factors, the nation's GDP shrunk by 0.2 per cent in the fourth quarter with the country posting its first economic contraction since the recession of 2009. But for the full-year, the economy expanded by 3 per cent as a stronger business conditions helped the country to cut its budget deficit to well below the 3-per-cent target set for euro member states. The German deficit stood at 4.3 per cent in 2010.
