The German economy shrank in the second quarter, dragged down by a slump in expo...
BERLIN - The German economy shrank in the second quarter, dragged down by a slump in exports, data showed on Wednesday, as manufacturers in Europe’s largest economy struggle against weaker foreign demand and trade disputes.
Gross domestic product 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 annual growth rate slowed to 0.4% in the second quarter from 0.7% in the first, calendar-adjusted data showed. That beat the poll forecast of +0.1%.
Positive contributions came from domestic demand as household consumption, government expenditure and gross fixed capital formation increased on the quarter, the office said. “For a year now, the German economy has been only crawling forward,” Unicredit analyst Andreas Rees said, adding there was hardly any improvement in sight for the second half of 2019 as there were many uncertainties for German exporters.
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