According to Destatis, the country’s federal statistics office, the German economy grew at 0.6% in 2019, its weakest pace in six years. The figure matched the consensus forecasts while dropped sharply from +1.5% seen previously.
“The decline in economic growth is part of a trend seen in the country in recent years and has been exacerbated by global trade tensions that have hit goods exports, on which it relies for much of its economic strength. Its domestic car industry has also been under pressure due to slowing car sales and a transition to the manufacturing of greener vehicles,” CNBC reports.
The shared currency was little affected by poor German growth numbers, as EUR/USD keeps its range around 1.1130. The spot hit a low of 1.1119 in the last hour. The focus now remains on the Eurozone Industrial Production and Trade data.
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