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Germany GDP Contracts As Expected In Q2

Germany's economy contracted in the second quarter on weak exports, data from Destatis showed Wednesday.

Gross domestic product shrank 0.1 percent sequentially in the second quarter, reversing the first quarter's 0.4 percent expansion. This was the first fall in three quarters and matched economists' expectations.

After calendar adjustment, GDP gained 0.4 percent on year, but slower than the 0.9 percent growth registered in the first quarter. At the same time, the unadjusted GDP remained flat.

Data revealed that positive contribution to growth came mainly from domestic demand. Household final consumption expenditure increased, together with government final consumption expenditure.

Investment increased from the first quarter but gross fixed capital formation in construction declined.

The development of foreign trade dragged economic growth as exports logged a stronger quarter-on-quarter decline than imports.

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