UNITED STATES, WASHINGTON (VOP TODAY NEWS) — The largest economy in the eurozone was on the verge of a recession due to a decline in exports amid growing global trade tensions.
The Statistical Office of Germany reported a decrease in the country’s GDP in the II quarter by 0.1% in quarterly terms. In addition to the decline in exports against the background of “the development of the situation in foreign trade”, a decrease in capital expenditures in the construction sector was also noted.
Germany became the second largest economy in the region, showing clear signs of a decline in economic activity: in the second quarter of 2019, a decline in UK GDP was recorded. In the Italian economy in the II quarter stagnation was noted: the GDP growth rate amounted to 0%.
was warned about the risks of a recession in Germany in 2019 at the beginning of the year , while experts expected a recession to begin in the first quarter.
The release of data on German GDP decline on Wednesday, August 14, caused negative dynamics in European equity markets: the British FTSE 100 fell 1.4%, the German DAX fell 2.1%, the French CAC 40 fell 2%.
There was also a further decrease in interest rates on government bonds of Germany, the yield on 10-year securities fell to a new historic low of -0.624%.
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