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Germany: Q2 GDP up 0.1%, below forecast

08-17-2011 08:48 BJT

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In the latest hit to the eurozone economy, its strongest member - Germany - faced slowing growth in Q2.

The news has sent the euro and European stocks down; Wall Street futures, too.

It was mainly due to a negative trade balance, weak consumption and stagnant construction investment. According to the nation's statistics office, Germany's GDP climbed just 0.1 percent, an obvious decline compared to Q1's growth rate of 1.3 percent. The drop came as a surprise to markets, as economists had previously predicted a 0.5 percent expansion. The reading was the weakest since the first quarter of 2009.

Oliver Roth, Director of Trade from Close Brothers Seydler AG said, "Well, we are surprised concerning the weak GDP figures of Germany. There were already a couple of investors very much concerned about the economic situation in the world but everybody was expecting that Germany will have a very good year, so we are really deeply surprised and concerned about the German GDP figures, and that is what the market shows."

Editor:Li Wanran |Source: CNTV.CN

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