German economy contracts as export engine stutters
The German economy shrank in the second quarter, dragged down by a slump in exports, preliminary data showed on Wednesday, as manufacturers in Europe’s largest economy are hit by weaker foreign demand and trade disputes, reports Trend referring to Reuters.
Gross domestic product (GDP) fell 0.1% quarter-on-quarter after a confirmed growth rate of 0.4% in the first three months of the year, the Federal Statistics Office said.
The reading for the April-June period was in line with a Reuters poll of analysts.
The annual growth rate slowed to 0.4% in the second quarter from 0.7% in the previous quarter, calendar-adjusted data showed. This beat the analysts’ poll of +0.1%.