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Financial News: Germany GDP To Contract In Q2: Bundesbank

Germany GDP To Contract In Q2: Bundesbank

06/17/2019 - 08:13:00 (RTTNews)

(RTTNews) - Germany's economy is set to contract slightly in the second quarter, Bundesbank said in its monthly report on Monday.

Driven by investment and household spending, the economy expanded 0.4 percent in the first quarter after staying flat a quarter ago.

The central bank said temporary factors played an important role in boosting first quarter growth. Favorable weather underpinned construction investment.

Exports remain weak and the downturn in the industry is likely to continue, the bank noted.

Earlier this month, Bundesbank downgraded its growth outlook for 2019 to 0.6 percent from 1.6 percent and that for next year to 1.2 percent from 1.6 percent.

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