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Financial News: German GDP Contracts In Q2

German GDP Contracts In Q2

08/27/2019 - 02:21:00 (RTTNews)

(RTTNews) - Germany's economy contracted slightly, as initially estimated, in the second quarter, detailed results from Destatis revealed Tuesday.

Gross domestic product shrank 0.1 percent sequentially in the second quarter, reversing the first quarter's 0.4 percent expansion. This was the first fall in three quarters and matched the initial estimate.

After calendar adjustments, GDP gained 0.4 percent year-on-year, but slower than the 0.9 percent growth registered in the first quarter. At the same time, the unadjusted GDP remained flat. Both annual growth figures were left unrevised.

The expenditure-side breakdown of GDP showed that household consumption gained 0.1 percent from the first quarter and government spending grew 0.5 percent.

Fixed capital formation in machinery and equipment climbed 0.6 percent and in other fixed assets by 1.0 percent on the preceding quarter. Only gross fixed capital formation in construction went down by 1.0 percent, which was probably because of the mild weather at the beginning of the year.

Meanwhile, foreign trade slowed down growth. Exports decreased 1.3 percent on quarter, markedly more than the 0.3 percent drop in imports.

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