UNITED STATES (OBSERVATORY NEWS) — The decline in exports restrained economic activity in Germany, Europe’s largest economy, at the end of 2019.
German GDP in the IV quarter has not changed compared to the previous quarter, according to the final data of the Federal Statistical Agency of Germany (Destatis).
Exports fell 0.2% compared with Q3. As a result, net trade reduced GDP growth by 0.6 percentage points.
Gross investment, including construction, rose 2.9% in the fourth quarter, adding 0.6 percentage points to the increase.
Public consumption added 0.1 percentage points, while the contribution of private consumption was zero.
At the end of 2019, the German economy as a whole grew by 0.6%, at the lowest rate since the debt crisis in the eurozone in 2013.
The outlook for Germany’s export-dependent economy is overshadowed by the outbreak of the coronavirus COVID-19, which strikes global supply chains . China is Germany’s most important trading partner.
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