German economy surprisingly contracts in 2nd quarter

By Tuba Ongun

German economy surprisingly shrank 0.1% in the second quarter of 2024 compared to the previous period, according to flash data released on Tuesday.

The figure shifted from the first quarter's 0.2% growth, Destatis data showed.

Market had expected Germany economy to expand 0.1% in April-June.

On an annual basis, Germany's GDP also fell 0.1% in the second quarter, following a downwardly revised 0.1% decline in January-March. The figure marked the fourth straight quarter of year-on-year contraction.