Comment
0
Tweet
0
Print
RSS Feeds

Germany's economy losing momentum

Thursday - 8/14/2014, 1:44pm  ET

BERLIN (AP) -- Germany's economy contracted by 0.2 percent in the second quarter of 2014, losing momentum after a robust first quarter which was helped by the mild winter.

The Federal Statistics Office said Thursday the figure, which was adjusted for seasonal and calendar factors, reflected that imports grew faster than exports.

The office said that "the balance of exports and imports had a negative effect on the German economic development."

Economists' consensus forecast as of earlier this week was a 0.1 percent contraction.

New growth figures coming out later in the day are expected to show the crisis in Ukraine is weighing on the economy of the 18 countries that use the euro.


Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.