The German economy was stagnant in the second quarter after two periods of decline. The Federal Statistical Office reported zero quarter-on-quarter change, after a 0.1% drop in the first quarter and a 0.4% drop in the fourth quarter of 2022. Most countries outside the U.S. report GDP on a quarterly, and not annualized, basis.
Consumer spending by private households stabilized in the second quarter of 2023 after the weak winter half-year, it said. Over the last year, the eurozone’s largest economy dropped by 0.6%. Sentiment is dark for Germany’s economy, with the key Ifo index of business climate sliding in July to an eight-month low.