Germany’s economy shrank in the second quarter as global uncertainty and the trade war took a toll on its manufacturers.
GDP for the three months ended June contracted 0.1% compared to the previous quarter, in line with analyst expectations. That’s down from 0.4% growth in the first three months of the year.
“Today’s GDP report definitely marks the end of a golden decade for the German economy,” said Carsten Brzeski, chief economist in Germany at the Dutch bank ING.
The world’s fourth largest economy, and Europe’s biggest, has been hit by what analysts have described as a “perfect storm” of negative factors.
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WNU Editor: Brexit and the trade war is having an impact. At least President Trump has not followed through on increasing tariffs on German goods (for now).
German economy shrinks, casting shadow over European growth — AP
Shrinking German economy ‘on edge of recession’ as exports stutter — Reuters
German economy slips back into negative growth — BBC
Germany’s economic resilience is crumbling and it’s time for stimulus, say economists — CNBC
Germany’s shrinking economy is raising fears of a euro zone recession — Quartz
Here’s why the German economy is tanking and most likely headed for recession — Yusuf Khan, Business Insider