German Preliminary GDP contracts by 0.7% in Q4 vs. -0.3% expected
|- German GDP arrives at -0.7% QoQ in Q4 vs. -0.3% expected.
- Annualized German GDP stands at 1.4% in Q4 vs. 1.8% expected.
- EUR/USD unmoved on discouraging German Q4 growth numbers.
The German economy shrunk by 0.7% inter-quarter in the fourth quarter of 2021 when compared to the expectations of -0.3% and 1.7% booked in Q3, the preliminary report published by Destatis showed on Friday.
Meanwhile, the annualized GDP rate dropped to 1.4% in Q4 against the previous reading of 2.5% while missing the market expectations of a 1.8% figure.
EUR/USD unfazed by poor data
EUR/USD remains little affected by the below-forecasts German growth numbers.
The major was last seen trading at 1.1138, slightly off the 19-month lows of 1.1122 while losing 0.06% on the day.
About German Prelim GDP
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
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