RTTNews - Tuesday, the Federal Statistical Office said the German economy grew slightly for the first time again, following four quarter-on-quarter decreases in a row. The economy expanded 0.3% sequentially in the second quarter, after contracting 3.5% in the first quarter.
Economic growth was driven by household and government final consumption expenditure in the second quarter. Capital formation in construction also supported the growth. Meanwhile, growth was slowed down by a massive reduction of inventories.
The price-adjusted GDP was down 7.1% in the second quarter over the same quarter of the previous year. That was the largest year-on-year decrease since quarterly GDP data were first produced in 1970, the statistical office reported. On a working day adjusted basis, GDP slipped 5.9% versus first quarter's 6.7% decrease.
The statistical office confirmed the estimate for the second quarter GDP released on August 13.
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