German Preliminary GDP expands 1.5% in Q2 vs. 2.0% expected, EUR/USD stays below 1.19
- German GDP arrives at 1.5% QoQ in Q2 vs. 2.0% expected.
- Annualized German GDP stands at 9.2% in Q2 vs. 9.6% expected.
- EUR/USD unmoved on downbeat German Q2 growth numbers.
The German economy grew 1.5% inter-quarter in the second quarter of 2021 when compared to the expectations of 2.0% and -1.8% booked in Q1, the preliminary report published by Destatis showed on Friday.
Meanwhile, the annualized GDP rate rebounded by 9.2% in Q2 against the previous reading of -3.4% and missed market expectations of 9.6% expansion.
Separately, the Italian economy expanded by 2.7% QoQ in Q2 but bettered estimates of 1.3% and 0.1% previous.
more to come ....
About German Prelim GDP
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).