Fortune Sky is Your Go-to Source for the Latest Finance News, Covering Markets, Business, Industries and Internet.
⎯ 《 Fortune • Sky 》

German economy stagnates in Q2 after winter recession

2023-08-25 14:27
BERLIN The German economy stagnated in the second quarter compared to the previous three months, following a winter
German economy stagnates in Q2 after winter recession

BERLIN The German economy stagnated in the second quarter compared to the previous three months, following a winter recession, data from the statistics office showed on Friday.

The figure is confirmation of a first estimate, which was published in late July.

"After slight declines in the previous two quarters, the German economy stabilised in spring," said Ruth Brand, president of the statistics office.

Economic output fell by 0.4% in the fourth quarter of 2022 and by 0.1% in the first quarter of 2023.

Year-on-year, GDP contracted by 0.2% in the second quarter when adjusted for price and calendar effects.

The statistics office publishes a detailed report outlining the data.

(Reporting by Maria Martinez, Editing by Friederike Heine)