Germany's gross domestic product will contract by at least 3% in the first quarter from the previous period as the global economy is mired in a deep recession, European Central Bank governing council member Axel Weber said Friday.

Weber, speaking ahead of a meeting in Washington of finance ministers and central bank governors from the Group of Seven leading economies, said he doesn't expect a "dynamic recovery" for the euro-zone economy, but there should be some improvement next year.

He said there is no risk of deflation or sustained falls in consumer prices in the euro zone.

But Germany's consumer price index may fall for a few months starting in May, before picking up again in the second half of 2009.

German Deputy Finance Minister Joerg Asmussen, speaking at the same event, reiterated that the government isn't considering a third fiscal stimulus plan to supplement the previous two fiscal stimulus packages for this year and next, which amount to roughly EUR80 billion.

Asmussen represents the German Finance Ministry at the meeting in Washington as Finance Minister Peer Steinbrueck canceled to attend a regional event of his Social Democratic Party in Germany.

-By Peter Trautmann and Nina Koeppen, Dow Jones Newswires; +49 (0)69 2972 5509; nina.koeppen@dowjones.com