German Preliminary GDP prints -0.3% QoQ in Q4, as expected
- German GDP arrives at -0.3% QoQ in Q4 vs. -0.3% forecast.
- Annual German GDP drops 0.2% in Q4 vs. -0.2% estimate.
- EUR/USD pays little heed to the German Q4 GDP report.
The German economy averted a technical recession, shrinking 0.3% over the quarter in the final quarter of 2023, as against the 0% revision in Q3, according to the preliminary data published by Destatis on Tuesday. The reading matched the expected 0.3% contraction.
Meanwhile, the annual GDP rate declined by 0.2% in Q4 when compared to the third quarter’s revised figure of -0.3% while coming in line with the market forecast.
EUR/USD reaction to the German GDP data
EUR/USD pays little heed to the German GDP report, losing 0.12% on the day to trade at 1.0820. The pair awaits the Eurozone Preliminary GDP data for fresh trading impetus.
(This story was corrected on January 30 at 09:15 GMT to change the German GDP figures for the third quarter, which were updated.)
Euro price today
The table below shows the percentage change of Euro (EUR) against listed major currencies today. Euro was the weakest against the Canadian Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.13% | 0.21% | -0.04% | 0.19% | -0.03% | 0.03% | 0.18% | |
| EUR | -0.12% | 0.08% | -0.17% | 0.07% | -0.17% | -0.09% | 0.04% | |
| GBP | -0.21% | -0.07% | -0.26% | -0.03% | -0.24% | -0.17% | -0.04% | |
| CAD | 0.04% | 0.18% | 0.25% | 0.23% | 0.01% | 0.07% | 0.22% | |
| AUD | -0.18% | -0.05% | 0.03% | -0.22% | -0.21% | -0.15% | -0.01% | |
| JPY | 0.01% | 0.14% | 0.24% | 0.01% | 0.18% | 0.05% | 0.18% | |
| NZD | -0.04% | 0.09% | 0.17% | -0.08% | 0.15% | -0.07% | 0.13% | |
| CHF | -0.18% | -0.04% | 0.03% | -0.21% | 0.02% | -0.20% | -0.12% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (quote).
About German Preliminary 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).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
