Germany’s economy shrank by 0.3 per cent in the second quarter, a sharper contraction than previously estimated, according to official data published on Friday.
A flash estimate in July had originally pointed to a contraction of 0.1 per cent in the April to July period. Friday’s revision reflects a deeper slump in manufacturing and investment than initially thought.
Germany was pushed back “into recessionary territory”, Carsten Brzeski, ING’s global head of macro, wrote in a note after Friday’s release. “It looks increasingly unlikely that any substantial recovery will materialise before 2026.”
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