🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

POLL-German Q1 GDP seen showing record contraction

Published 05/08/2009, 10:54 AM
Updated 05/08/2009, 10:56 AM

* What: preliminary German Q1 GDP

* When: May 15, 0600 GMT

* GDP seen contracting 3.0 pct q/q

BERLIN, May 8 (Reuters) - The German economy probably shrank by 3.0 percent in the first quarter of this year, registering its deepest contraction since reunification in 1990, a Reuters poll showed on Friday.

Forecasts in the poll of 45 economists ranged from a contraction of 1.2 percent to a 4.0-percent slump , with the mid-range forecast a 3.0 percent quarter-on-quarter fall. Year-on-year, the poll called for Europe's largest economy to contract by 6.1 percent.

The Economy Ministry has already said gross domestic product (GDP) likely declined by around 3.5 percent during the first quarter. In the final quarter of last year, the economy shrank 2.1 percent.

The first quarter was weighed down by a collapse in industrial output, which fell by 12 percent from the previous three-month period, the Economy Ministry said earlier on Friday.

Germany, the world's biggest exporter of goods since 2003, is expected to see its economy shrink around 6 percent this year, dragged down by a slump in exports.

That would be nearly seven times worse than Germany's previous poorest performance in any year since World War Two.

However, data this week suggested the economy may soon begin pulling out of recession. Industry output was unchanged on the month in March, snapping a run of six consecutive falls. Exports posted their first rise in six months in March.

A jump in foreign demand fuelled a surprise surge in German manufacturing orders in March, data released on Thursday showed. (Reporting by Bangalore polling team; editing by Patrick Graham)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.