German Economy Minister calls for reforms after GDP drop

German Economy Minister Katerina Reiche said urgent structural reforms were needed after fresh data from the Federal Statistical Office showed a deeper-than-expected contraction in the economy in the second quarter.

According to updated estimates, German GDP decreased by 0.3% in quarterly terms against the initially forecast decline of 0.1%. In the first quarter, the country's economy still grew by 0.3%. On an annual basis, the increase was only 0.2%, taking into account calendar and seasonal factors.

«These figures clearly show that we need to act urgently. If Germany wants to remain competitive, more ambitious and bold reforms are needed,» Reiche stressed.