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Shock data on the country’s shrinking GDP sent tremors through the normally robust Germany economy and triggered a warning from finance minister Peter Altmaier. Mr Altmaier admitted the country found itself in a weak position but insisted recession could be avoided.
He said: “The new figures are a wake-up call and a warning.
“We are in a weak growth phase but not yet in a recession, which we can avoid if we take necessary measures.
“Politicians and businesses must now act together.”
Craig Erlam, Senior Market Analyst at OANDA, said financial conditions meant Germany was more likely to be hit by recession than the UK despite recent predictions.
He said: “It’s very difficult not to link the two countries as they both contracted in the same quarter and are clearly vulnerable to the Brexit outcome.
“That said, there are very different factors behind their contractions, with Brexitstockpiling in the first quarter being a primary driver in the UK and the trade war and other issues weighing on the German economy.
“For that reason, the risk of recession in the UK in the third quarter is slim while Germany could feasibly slip into recession as the trade war has escalated, rather than improved.”
ING’s chief economist for Germany, Carsten Brzeski, said trade conflicts, global uncertainty and the struggling automotive sector had finally brought the German economy down on its knees.
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Shock data on the country’s shrinking GDP sent tremors through the normally robust Germany economy and triggered a warning from finance minister Peter Altmaier. Mr Altmaier admitted the country found itself in a weak position but insisted recession could be avoided.The figures come as stark contrast to UK figures released this week which showed the number of people in employment has hit record highs in Britain.
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