German Economy Shrinks As Expected

The German economy shrank slightly as expected in the second quarter, preliminary figures from Destatis revealed on Wednesday.

Gross domestic product fell 0.1 percent sequentially, in line with forecast, and reversed the downwardly revised 0.3 percent growth in the first quarter.

On a yearly basis, the economy logged a calendar-adjusted growth of 0.4 percent after rising 0.3 percent in the first quarter. At the same time, price-adjusted GDP remained flat in the second quarter.

Destatis is slated to publish detailed results for the second quarter on August 22.

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