During the fourth quarter of 2018, Germany's GDP slowed by 0.53 p.p. in its year-over-year growth rate, to 0.64%. This was due to the performance of both external and domestic demand. In the labor market, the unemployment rate fell by 0.16 p.p. to 3.17%, while the year-over-year growth rate of employment slowed by 0.02 p.p. to 1.14%. Inflation was 2.15%, up 0.05 p.p. from 3Q18. Finally, the euro depreciated against the US dollar by 0.02 dollars per euro compared to the previous quarter, to an average exchange rate of 1.14 $/€ in the last quarter of the year.
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