The German economy stagnated in the second quarter of 2023, missing forecasts for modest growth, as weak purchasing power, higher interest rates and low factory order books all weighed on the euro zone's largest economy.
According to the federal statistics office, there was no quarter-on-quarter change in gross domestic product in seasonally adjusted terms. A Reuters poll of analysts had forecast an increase of 0.1%, after the economy fell into a mild recession in winter.French and Spanish
One positive note was the stabilisation of German household consumption in the second quarter after the weak winter half-year, according to the statistics office. But Habeck rejected calls for an economic stimulus package. "Whoever distributes money with a watering can in times of high inflation only brings one thing to growth: inflation."
"We continue to see the German economy being stuck in the twilight zone between stagnation and recession," said Carsten Brzeski, global head of macro at ING.
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