Investing.com - Germany’s economy contracted less-than-expected in the final three months of 2011, official preliminary data showed on Wednesday.
In a report, Destatis, Germany’s statistical office, said Germany’s gross domestic product shrank by a seasonally adjusted 0.2% in the fourth quarter of 2011, slight better than expectations for a contraction of 0.3%.
Germany’s economy grew by 0.6% in the third quarter, upwardly revised from a previously reported 0.5% increase.
Year-on-year, German GDP expanded at an annualized rate of 1.5%, after rising at a rate of 2.5% in the previous quarter and below expectations for a 1.8% expansion.
“Consequently, despite the slowdown in GDP growth at the end of 2011, the gross domestic product was clearly above the previous year’s level in all quarters of 2011 also in the second year after the economic crisis,” the report said.
Following the release of that data, the euro was higher against the U.S. dollar, with EUR/USD gaining 0.36% to trade at 1.3181.
Meanwhile, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.85%, France’s CAC 40 futures rose 0.85%, London’s FTSE 100 futures added 0.35%, while Germany's DAX futures rallied 1%.
In a report, Destatis, Germany’s statistical office, said Germany’s gross domestic product shrank by a seasonally adjusted 0.2% in the fourth quarter of 2011, slight better than expectations for a contraction of 0.3%.
Germany’s economy grew by 0.6% in the third quarter, upwardly revised from a previously reported 0.5% increase.
Year-on-year, German GDP expanded at an annualized rate of 1.5%, after rising at a rate of 2.5% in the previous quarter and below expectations for a 1.8% expansion.
“Consequently, despite the slowdown in GDP growth at the end of 2011, the gross domestic product was clearly above the previous year’s level in all quarters of 2011 also in the second year after the economic crisis,” the report said.
Following the release of that data, the euro was higher against the U.S. dollar, with EUR/USD gaining 0.36% to trade at 1.3181.
Meanwhile, the outlook for European stock markets was upbeat. The EURO STOXX 50 futures pointed to a gain of 0.85%, France’s CAC 40 futures rose 0.85%, London’s FTSE 100 futures added 0.35%, while Germany's DAX futures rallied 1%.