Germany's economy contracted as initially estimated in the second quarter due to weak foreign demand, and there are signs that the shrinking continued into the third quarter, pushing the biggest euro area economy to the verge of recession and strengthening calls for economic stimulus.
Gross domestic product shrank slightly by 0.1 percent quarter-on-quarter in the three months to June, reversing the first quarter's 0.4 percent expansion, detailed results from Destatis revealed Tuesday. This was the first fall in three quarters and matched the initial estimate.
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Business News
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.