FX.co ★ German Economy Stabilizes In Q2

The German economy stabilized in the second quarter after two consecutive contractions, data published by Destatis showed on Friday.

Gross domestic product remained flat in the second quarter, following a 0.1 percent drop in the first quarter and 0.4 percent decline in the fourth quarter of 2022. GDP was expected to climb 0.1 percent.

Destatis said household spending stabilized in the second quarter after the weak winter half-year.

On a yearly basis, price-adjusted GDP dropped 0.6 percent in contrast to the 0.1 percent rise a quarter ago. Calendar-adjusted GDP was down 0.2 percent, the same rate of fall as reported in the first quarter.