German economy stagnates in second quarter as France returns to growth – POLITICO

FRANKFURT — German economic growth stalled in the second quarter of this year, disappointing expectations of a slight expansion, according to data released Friday by the German statistics office.

After posting 0.8% growth in the first quarter of the year, Europe’s largest economy has stagnated.

“The difficult global economic conditions with the ongoing corona pandemic, disrupted supply chains, rising prices and the war in Ukraine are clearly reflected in the economic development,” the statistics office said.

The German release follows French GDP data, which showed the eurozone’s second-largest economy grew 0.5% in the second quarter after contracting 0.2% from January to March.

Meanwhile, Spain’s economy grew 1.1% in the quarter, its statistics office reported this morning.

The first estimate of second-quarter growth for the Eurozone as a whole is expected to be released at 11:00 CET. A Reuters survey of analysts conducted before national data became available showed they expect growth to slow to 0.1% from 0.6% in the previous quarter.

As the gas crisis develops, growth is expected to slow significantly in the future. The latest PMI survey suggested that eurozone business activity contracted in July.


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