German Q4 GDP was confirmed at -2.1% q/q and wda -1.7% y/y, with nsa growth at -1.6% y/y. The breakdown confirmed weakness across the board, with private consumption down 0.1% q/q, investment 2.7% q/q and exports a staggering 7.3% q/q. Imports dropped 3.6% q/q, but that was not sufficient to compensate for the sharp decline in exports so that net exports detracted 2.0% percentage points from the quarterly growth rate. Public consumption was unchanged from Q3 and domestic demand detracted a further 0.1%, despite a 0.5% percentage point contribution from inventory changes.

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