Exports fall sharply, German economy shrinks in 2nd quarter

Release time:

2019-08-21

The German Federal Statistical Office released data showing that a sharp drop in exports led to a contraction in the German economy in the second quarter. German manufacturers have suffered as global economic growth has slowed in the political fallout from the US-China tariff war and Brexit.

Reuters reported that the German Federal Statistical Office (Federal Statistics Office) released data showing that Germany's gross domestic product (GDP) in the second quarter decreased by 0.1 percent. As the government's pressure to stimulate the economy through fiscal reforms increases, the German economy minister said that action must be taken to prevent the economy from shrinking for two consecutive quarters and plunging the country into economic decline.

Germany, Europe's largest economy, has been particularly hard hit by the global economic slowdown as signs show that the boost from a sustained surge in domestic demand is waning. The German economy has traditionally been export-oriented.

Dutch International Group (ING Group) analyst Buzski (Carsten Brzeski) said: "Today's GDP report clearly shows that the German economy's golden decade has come to an end 」.

"Trade frictions, global uncertainty and the struggling auto industry have finally put the German economy on the ground 」.

Data from the Federal Statistical Office show that on a calendar-adjusted (calendar-adjusted) basis, Germany's annual GDP growth rate in the second quarter fell to 0.4 percent from 0.9 percent in the first quarter. In addition, Germany also revised its economic growth forecast for 2019 to only 0.5 percent from 1.5 percent last year.

(Source: Asian Textile Union Network)

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