German economy shrinks for first time since 2015

Europe’s largest economy hit by weaker trade position and lower consumer spending

The German economy went into reverse in the third quarter, shrinking for the first time since 2015 as a weaker trade position and lower consumer spending weighed on Europe’s largest economy.

Gross domestic product fell by 0.2% compared with the second quarter, following growth of 0.5% in the second quarter. It was the weakest since the first three months of 2013, when the economy shrank by 0.3%, and the first contraction since the first quarter of 2015, according to Destatis, Germany’s statistics office.

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Source : German economy shrinks for first time since 2015