German economy “losing momentum”, GDP drops 0.2%

German economy “losing momentum”, GDP drops 0.2%

Growth in Germany contracted 0.2 percent in the second quarter, the first fall in over a year, stoking worries Europe’s biggest economy is slowing down, as the Ukraine crisis and weaker trade drag down what was once a glowing model for the rest of Europe.

The seasonally-adjusted gross domestic product (GDP) from April to June was confirmed Monday by Germany’s Federal Statistics Office to have dropped twice as much as forecast, which it said shows the economy is “losing momentum.” Annual growth predictions have been slashed from 3 percent to 1.5 percent.

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