Steel rolls at a factory in Salzgitter, Germany. Reuters
German business morale fell to its lowest level since November 2014 in June, a survey showed on Monday, adding weight to expectations that Europe’s largest economy contracted in the second quarter.
German industrial activity is sluggish and recent data point to slower growth in the service sector, the German Economy Ministry said, adding this suggested Europe’s largest economy would experience a weak general economic trend.
Germany’s spluttering economy returned to growth in the first quarter as consumers spent more freely and construction activity picked up, but the government said the outlook remained clouded by trade disputes. Gross domestic product (GDP) rose 0.4% quarter-on-quarter,
German business sentiment deteriorated more than expected in August to hit its lowest since November 2012, a survey showed on Monday, in a further sign that escalating trade disputes are pushing Europe’s largest economy toward a recession.
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