Economic contraction in Germany confirmed. Germany’s economy contracted in the second quarter compared to a quarter earlier. This is confirmed in definitive figures from the German Federal Statistical Office. Europe’s largest economy is struggling with the impact of international trade conflicts and the slowdown in the world economy.
According to the statistical office, the contraction, as previously reported in preliminary figures, amounted to 0.1 percent, compared to a growth of 0.4 percent in the first quarter. Economists also assumed on average a decline of 0.1 percent. The export-oriented economy came to a halt on an annual basis, against a growth of 0.6 percent in the previous period.