German economy contracts as export engine stutters

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German economy contracts as export engine stuttersThe German economy shrank in the second quarter, dragged down by a slump in exports, data showed on Wednesday, as manufacturers in Europe's largest economy struggle against weaker foreign demand and trade disputes. Gross domestic product (GDP) fell 0.1% quarter-on-quarter after a confirmed growth rate of 0.4% in the first three months of the year, the Federal Statistics Office said. The annual growth rate slowed to 0.4% in the second quarter from 0.7% in the first, calendar-adjusted data showed.

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