German economy stalled in the second quarter – new figures
The German economy stalled in the second quarter adding more woes to the debt stricken continent.
Seasonally adjusted gross domestic product (GDP) was up 0.1pc compared in Europe’s biggest economy with the first quarter when growth was 1.3pc, according to the Federal Statistics Office.
The worse-than-expected GDP data from Germany, which had been powering euro-area growth through exports, come after the French recovery also ground to a halt and fears growing about eurozone government debt.
German Chancellor Angela Merkel and French president Nicolas Sarkozy meet later today to discuss the European situation.
The euro dropped .25c after the figures emerged and stocks fell for the first time in four days.
Prior to today’s figures, economists had expected eurozone growth to slow to 0.3pc from 0.8pc in the first quarter – with new figures due out later today.