Connect to share and comment

1st LD: German economy contracts in Q2

PlacardEnlarge
(Globalpost/GlobalPost)

BERLIN, Aug. 14 (Xinhua) -- German economy contracted in the second quarter of 2014, following an expansion at the beginning of the year, official data showed on Thursday.

Adjusted for price, seasonal and calendar swings, German gross domestic product (GDP) declined by 0.2 percent in the period from April to June, Federal Statistical Office (Destatis) said, attributing the decrease to weak foreign trade and investment.

"The German economy is losing momentum," it said in a statement.

Destatis also revised growth in the first quarter to 0.7 percent from 0.8 percent.

http://www.globalpost.com/dispatch/news/xinhua-news-agency/140814/1st-ld-german-economy-contracts-q2