German economy stagnates in 2nd quarter

German economy stagnates in 2nd quarter

Europe's largest economy posts zero quarter-on-quarter change after losses in previous 2 quarters

By Tuba Ongun

The German economy exited from a recession in the second quarter of this year, posting no growth as household spending stabilized, according to preliminary data from the state statistics office on Friday.

Germany's gross domestic product (GDP) flatlined in April-June compared to the previous three-month period, below the market forecast of 0.1% quarter-on-quarter growth, Destatis data showed.

It followed upwardly revised contractions of 0.1% in the first quarter of 2023 and 0.4% in the fourth quarter of 2022, which pushed the economy into a technical recession.

On an annual basis, Germany's GDP dropped 0.6% in the second quarter of 2023.

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