Germany’s gross domestic product (GDP) contracted by 0.2% during the second quarter of 2014, official data showed Thursday.
The contraction was more than expected. The market forecast for German GDP was at -0.1%. However the report released by Statistisches Bundesamt Deutschland today showed a contraction -0.2%. Year-on-year, growth was at 0.8%, compared to 2.5% during the same period of 2013. The market forecast for yearly growth was 1.5%.
This the first time since 2012 that the German economy registers a contraction, shedding further doubt about the state of the economy in the Eurozone.