German economy stagnates in Q2

ISTANBUL

After two consecutive quarterly declines, the German economy stagnated by posting a 0% gross domestic product growth in the second quarter of 2023, official figures showed on Friday.

According to the Federal Statistical Office (Destatis), Germany's economy did not continue to fall in the April-June period but it could not grow.

The country entered a recession after contracting 0.2% in the first quarter of 2023 and 0.4% in the last quarter of 2022.

"Compared with the previous quarter, gross fixed capital formation in machinery and equipment (+0.6%) slightly exceeded gross fixed capital formation in construction (+0.2%) after price, seasonal and calendar adjustment.

"In the second quarter of 2023, total exports of goods and services were down 1.1% from the first quarter of 2023, after price, seasonal and calendar adjustment," Destatis said.

Meanwhile, the German GDP declined 0.6% in the second quarter on a monthly basis.