The final quarter of the year saw a decline in German economic activity.
The EUR/USD currency pair continues to trade below 1.09 despite modest daily gains.
According to preliminary data published by the German Destatis on Monday, the German economy contracted by 0.2% in the second quarter on a quarterly basis. Gross Domestic Product grew 1.1% in the fourth quarter, a drop from 1.3% recorded in the third quarter. This was below the market expectation of 1.3% at an annualized rate.
In its publication, Destatis stated that after the German economy had performed well in the first three quarters, the economy suffered a slight decline in performance in the fourth quarter of 2022, following a strong performance in the first three quarters. As a result, the German economy has been sustained by lower prices, and seasonally and calendar-adjusted private consumption expenditures than they had been in the previous three quarters.
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