The German economy contracted by 0.1% q/q in the second quarter of 2019 and matched expectations of -0.1%, the preliminary report by Destatis showed this Wednesday.
Meanwhile, the yearly rate showed no growth in Q2 as compared to the previous reading of 0.6%, but bettered market expectations of 0.3% contraction.
The shared currency remains on the back foot on in-line with expectations the German Q2 GDP release, keeping EUR/USD in lows near 1.1165 region.
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 the 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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