Germany's GDP in the second quarter did not change

In the second quarter of 2023, Germany's GDP remained unchanged compared to the previous three months. This is confirmed in the final data from the Federal Statistical Agency of Germany Destatis. The result coincided with the initial preliminary data, as well as the forecasts of experts.

In the first quarter of this year, German GDP decreased by 0.1% compared to the last quarter of last year, when a decrease of 0.4% was recorded. This twofold decline indicates a technical recession in the economy.

Destatis President, Ruth Brand, noted that the German economy stabilized in the spring after a slight decline in the previous two quarters.

Consumer spending in the country remained at the same level in the last quarter, while government spending increased by 0.1%.

Gross business investment in fixed assets increased by 0.4% compared to the previous quarter. In particular, investments in construction increased by 0.2%, and in equipment – by 0.6%.

The volume of German exports in the second quarter decreased by 1.1% compared to January-March, while imports remained at the same level.

In annual terms, the German economy decreased by 0.2% in April-June, taking into account the number of working days.