German economy contracts by 0.2% in second quarter

GMT 00:41 2014 Tuesday ,02 September

Arab Today, arab today German economy contracts by 0.2% in second quarter

Germany'e economy contracted by 0.2%
Berlin - SPA

The German economy contracted during the second quarter after imports outpaced exports, dpa cited data released Monday as showing.
Europe's biggest economy shrunk by 0.2 per cent in the three months to the end of June after growing by 0.7 per cent in the first quarter, the Federal Statistics Office said confirming data released earlier this month.
The Wiesbaden-based statistics office pointed to "the extremely mild
weather" at the start of the first quarter as one of the reasons for
the contraction.
But it said: "The German economy is losing momentum."
German gross domestic product grew by 1.2 per cent in the second quarter when compared with the same period last year, the statistics office said.


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