Germany is no longer expected to grow as quickly in 2012, according to its central bank.

The Bundesbank cut its growth forecast today. It now expects German GDP to grow at a 0.5% to 1% rate next year.

The forecast compares to a prior prediction for 1.8% expansion in the German economy.

The iShares MSCI Germany Index Fund (nyse: EWG - news - people ) is trading down 2.9% Monday, following the news.

Top holdings include Siemens (nyse: SI - news - people ) , BASF (nyse: BF - news - people ), SAP (nyse: SAP - news - people ) , Bayer (nyse: BAY - news - people ) and Allianz (nyse: AZ - news - people ). Siemens, also listed in the US, is trading down 2.3% in New York trading today, while SAP trades down 1.2%. Deutsche Bank (nyse: DB - news - people ) , in the fund's top ten holdings, is trading down over 3.7% today.

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