Germany's economy contracted more sharply in the second quarter of this year than initially reported, with revised industrial production and household consumption data.
According to the German Statistical Office (Destatis) on Friday, the country's gross domestic product (GDP) contracted by 0.3% in the second quarter of this year compared to the first three months of the year, revising down its preliminary reading of a 0.1% decline.
The office noted that industrial production performed worse than initially estimated, and household consumption data for the second quarter was revised downward to show consumption rising by only 0.1%, based on new information available for the services sector for June.
The data also showed that government spending rose by 0.8% compared to the previous quarter, and investment declined by about 1.4%. Foreign trade also made no positive contributions, with total exports of goods and services declining by 0.1% compared to the first quarter.
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