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Slower foreign trade drives Q4 contraction in German GDP
February 22, 2013 / 7:06 AM / 5 years ago

Slower foreign trade drives Q4 contraction in German GDP

BERLIN, Feb 22 (Reuters) - Foreign trade dragged Germany’s economic growth lower in the fourth quarter offsetting some support from domestic demand, data showed on Friday, in a further sign the euro zone crisis is hitting Europe’s largest economy hard.

The seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing Germany’s gross domestic product (GDP) shrank by 0.6 percent in the last three months of 2012 versus the previous quarter.

Foreign trade deducted 0.8 percentage points from GDP while domestic demand added 0.2 percentage points.

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