Carsten Brzeski, chief economist at ING, notes that the German economy grew by 0.4% QoQ in the first quarter of the year, from 0.0% in 4Q18 and -0.2% in 2Q18, while for the year, GDP was up by 0.7%, when adjusted for seasonal and calendar effects.

Key Quotes

“GDP components will only be released at the end of the month but according to available monthly data and the press release of the German statistical agency, growth was mainly driven by private consumption, investments and construction. Government spending was slightly negative.”

“Today’s GDP data is balm for the soul of the German economy. It also confirms our long held view that not all is bad in the German economy. Some of last year’s one-off factors have turned around, the German automotive industry might have seen better times but should not be written off and private consumption remains solid. In fact, the ongoing dichotomy between struggling industry and strong domestic demand continues and at least this time around ended with a positive outcome.”

“Today’s German GDP data are in our view not necessarily the “return of the living dead” as we still see the growth potential of the German economy, particularly if investments finally pick up. Instead, strong German data are rather another illustration that the condemned (often) live longer.”

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD ends the day with losses in the 1.1070 area

The shared currency suffered once again from dismal local data, with EU inflation falling into negative ground in July. Dollar up amid a better market mood, but recovery fragile.

EUR/USD News

GBP/USD: On the back foot around 1.2130 amid Brexit pessimism

GBP/USD clings to 10-day EMA after fresh signs of no-deal Brexit. The UK PM writes a letter to the EU showing alternative arrangements to Irish backstop ahead of Germany/France visit.

GBP/USD News

USD/JPY: holding on to modest gains

Japanese exports to China declined by 9.3% YoY in July. USD/JPY consolidating a few pis below a critical Fibonacci resistance.

USD/JPY News

Spot gold ending over 1% lower on the day, traders await Fed's Powell

On a less risk-off market, spot gold ended on Wall Street lower by -1.19%  around $1,495 having travelled between a high of $1,513.26 and a low of $1,493.39.

Gold News

Bullish levels to watch after Binance announces Venus vs. Facebook's Libra

Cryptocurrencies have been advancing once again, with Bitcoin topping $10,500, Ethereum clawing its way back above $200, and Ripple extending its gains.

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •