Germany GDP shrank in the last quarter of the year.
According to preliminary figures released for German economy by Germany’s Destatis on Monday, the Germany GDP declined by 0.2% on a quarterly basis in the second quarter. Annualized GDP growth was 1.1%, down from 1.3% in the third quarter and falling short of the market consensus of 1.3%.
“After performing well under challenging conditions in the first three quarters, the German economy marginally fell in the fourth quarter of 2022,” Destatis reported in its release.”
“Private consumer spending, particularly in price, seasonally, and calendar adjusted terms, which had underpinned the German economy in the first three quarters, was lower than in the previous quarter.”
EURUSD had no reaction after release of German Economy report
The EUR/USD had no immediate reaction and was last seen registering moderate daily gains at approximately 1.0880.
