Tags: Financial Markets | Money | germany | economy | recession | europe | eu

German Economy Suffers Worst Year Since 2013

germany chancellor angela merkel sits down with israel's benjamin netanyahu at the world economic forum
Chancellor of Germany Angela Merkel and Israel's Benjamin Netanyahu (Guido Bergmann/AP)

By    |   Tuesday, 15 January 2019 04:08 PM

Germany's economic performance in 2018 was its weakest in five years, CNN reported Tuesday.

The German economy grew 1.5 percent last year, a sharp decline from the 2.2 percent expansion in 2017, and the slowest annual rate since the European debt crisis in 2013.

Experts said the slowdown was due to a number of factors, including trade tensions, turmoil in emerging markets, uncertainty over Brexit, and a sharp economic decline in China.

Growth also took a hit due to a decline in exports, CNBC reported.

Figures released last week also showed German industrial production declined 1.9 percent month-on-month in November, which was significantly below a consensus for growth of 0.3 percent.

German growth was weakest in the second half of the year, with the third quarter especially poor as the economy contracted 0.2 percent, according to CNN.

The outlook for the future is also not particularly rosy, with Holger Schmieding, chief economist at Berenberg, saying "For the next few months, we have to brace ourselves for a very grey winter."

Troubles in Germany's economy, Europe's largest, are expected to deepen concerns about slower global growth this year.

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Its weakest in five years, Germany's economic performance in 2018 has slowed, according to CNN on Tuesday.
germany, economy, recession, europe, eu
187
2019-08-15
Tuesday, 15 January 2019 04:08 PM
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