German economy stagnates in Q2

THE German economy stagnated in the second quarter of 2023, with no quarter-on-quarter change in gross domestic product in seasonally adjusted terms, the federal statistics office reported on Friday (Jul 28).

A Reuters poll of analysts had forecast a slight increase of 0.1 per cent, after the economy fell into a mild recession in winter.

Household consumption stabilised in the second quarter after the weak winter half-year, according to the statistics office.

Year-on-year, the economy contracted by a price and calendar adjusted 0.2 per cent. REUTERS