Germany’s economy exited recession by the slimmest margin in the second quarter but its sluggish performance continues to drag down growth across the whole euro zone.
Output stagnated in the three months through June, data showed Friday, matching an initial estimate and the median forecast in a Bloomberg survey.
The report is unlikely to quell concerns that Europe’s largest economy — once the region’s trade-fired growth engine — is facing a protracted period of weakness. Germany is the only major country forecast to shrink this year, and the outlook is gloomy. This week brought more signs of weakness as S&P Global’s Purchasing Managers’ Index for August fell to 44.7 — the lowest in more than three years, with services shrinking for the first time in eight months.
Meanwhile, Siemens AG’s earnings fell short of analyst estimates as the company faced a drop in demand for its digital industries unit in China. And Salzgitter, one of Europe’s largest steelmakers, also reported weaker-than-expected results and suggested output will be weaker in the second half than in the first.
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