German GDP unexpectedly shrinks 0.1%
By Benjamin Chiou
Date: Tuesday 30 Jul 2024
(Sharecast News) - German gross domestic product unexpectedly shrank in the second quarter as the uneven recovery of Europe's largest economy continued.
GDP slipped 0.1% over the three months to June when adjusted for price, seasonal and calendar effects, pulling back after a 0.2% expansion in the first quarter.
The Federal Statistical Office, Destatis, reported that investments in equipment and buildings in particular decreased over the second quarter.
The contraction will have surprised economists who had pencilled in growth of 0.1%.
Quarter-on-quarter German GDP growth has now swung between expansion and contraction for nine straight quarters, with the economy not recording two consecutive quarters of growth since early 2022.
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