Berlin - The German economy slumped by 0.5 per cent during the second quarter, data released Thursday showed, as concerns set in about the outlook for Europe's biggest economy.

It was the first contraction in the nation's economy in almost four years.

However, the slump was less than expected, with economists having forecast that the German economy would shrink by 0.8 per cent in the second quarter.

Releasing the data, Germany's statistics office also revised down the first-quarter growth rate from a previously estimated 1.5 per cent to 1.3 per cent.

Hanoi - Vietnam reduced retail gasoline prices 5.2 per cent Thursday after world crude oil prices fell below 120 dollars a barrel, a government official said.

The price was reduced from 19,000 dong (1.14 dollars) to 18,000 dong per litre, Deputy Trade and Industry Minister Nguyen Cam Tu said.

"The price of gasoline was reduced because of many factors, and the most important factor is the decline of world crude oil prices," Tu told Deutsche Presse-Agentur dpa. "We reduced the price for the sake of society."

Lahore, Aug 14: If sources in the Pakistan Petroleum Ministry are to be believed, the federal government might announce a cut of Rs five in the price of petrol in near future.

The country’s Prime Minister Yousuf Raza Gilani is likely to approve the decision of lowering the petroleum prices within two days, the Daily Times quoted the ministry sources as saying.

Meanwhile, the federal government is also likely to announce a 15 percent hike in the electricity prices within a week.

Berlin - The European economy shrank during the second quarter, data to be released Thursday is forecast to show, dragged down by a slumping German economy and fuelling worries about a sharp slowdown in the region during the run-up to the end of the year.

While analysts expect the 15-member eurozone to have contracted by 0.2 per cent during the three months to the end of June, Germany is forecast to report that its economy shrank by 0.8 per cent after the currency bloc's biggest economy grew at its fastest pace in 12 years during the first quarter.

Berlin - German economic growth slumped by 0.8 per cent during the second quarter, analysts' forecast data to be released Thursday will show, amid deepening gloom surrounding the outlook for Europe's biggest economy.

A sharp contraction in the three months to the end of June would represent a dramatic reversal of the first quarter when Germany grew at its fastest pace in 12 years, chalking up an expansion rate of 1.5 per cent on the back of a two-year economic upswing.

Karachi - The Pakistani rupee on Wednesday weakened to an all-time low of 76 against the US dollar amid political tension and mounting economic uncertainties, traders said.

The rupee closed at 75.50/76 (buying/selling) against the dollar in the open market while the inter-bank exchange rate also slipped to a record low of 75/75.20.

"The political turmoil and directionless economic situation is creating pressure on the rupee," said Nabeel Iqbal, head of research at Khanani and Kalia, the country's largest private foreign exchange firm.