German economy slips back into negative growth

Analysts at ING are out with their afterthoughts on the German Q2 GDP release after the economy shrank by 0.1% QoQ in the second quarter.

A decline in exports dampened growth, according to official data, which comes amid concerns of a global slowdown.

Recession fears are mounting in Europe's biggest economy after it was revealed this morning that German GDP contracted in the second quarter, falling 0.1pc. "Manufacturing business surveys for July were all gloomy".

"And while the services sector should continue to hold up better, there are some signs that the slump is spreading to the labour market".

Destatis said higher spending by private households and the state as well as increased investments helped support the economy at home.

Construction itself fell after an unusually good first three months, boosted by a mild winter.

"The development of foreign trade slowed down economic growth because exports recorded a stronger quarter-on-quarter decrease than imports", the statistics office said.

"With the escalating trade conflicts of the United States of America, the ever more probable chaos (of) Brexit and the weaker world economy, the flawless storm has been brewing since the summer of past year", said Klaus Borger, an economist at public investment bank KfW.

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