Germany Economy Shrinks and China’s July Industrial Output Growth Weakens to 17-Year Low

  • German gross domestic product contracted by 0.1%in the second quarter, in line with expectations.
  • The drop in output was driven by a slump in exports as U.S.-China tensions rumbled on during the period.
  • Separate data showed euro-area GDP growth slowed to 0.2%, while industrial production in the currency zone plunged the most in more than three years in June. 
  • China posted the weakest industrial output growth since 2002, while disappointing credit data increased the pressure on officials to add stimulus to the economy.

 (Source: Bloomberg)