BERLIN - The German economy narrowly avoided an expected slip into recession in the third quarter as consumers, state spending and construction drove a 0.1% quarterly expansion in Europe’s largest economy.
“The German economy got away with a black eye: the technical recession could be avoided,” Deka bank analyst Andreas Scheuerle said. But he added that it is still too early to give the all-clear. The automobile sector, a key driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars.
The BDI industry association called on Berlin to abolish the surcharge for all employees and bring the move forward to 2020 - a move which would cost the government another 10 billion euros. The French package worth 10 billion euros is made up mainly of tax breaks for low-income workers and pensioners this year, followed by a 5 billion euro cut in income tax next year.
Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well.
WitmerCarl HELL of a job, Merkle H1+l3r! You’ve screwed up any millimeter of progress EU has made since 1945. Satan’s waitin.
Islam
TheLastRefuge2 Looks like Greta Thunberg needs to pay them a visit.
EU countries dug their own grave by becoming dependent on others. UK will prosper once they leave the EU and sign a new trade deal with the US.
TheLastRefuge2 I thought they were going to build an army again
Recession is only a game that start from empowered from top rated countries. And the media makes worst after chanting it on air. This is only to scare human nothing else
'The expansion was driven by consumers...' -- Note that the Corporate Class sits in the back seat and enjoys the ride.
NotCarKing
Only as narrowly as the UK economy did.
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