Germany GDP contracts for the second consecutive quarter

The Federal Statistical Office showed on Thursday that Germany’s GDP fell by 0.3 percent, marking the second quarter of contraction for the country.

Franziska Palmas, senior Europe economist said data shows Germany having the worst economic performance among major eurozone countries. “Germany has experienced a technical recession,” Palmas stated, while anticipating further weakness ahead.

Economists usually define a recession as two consecutive quarters of contraction. However, other elements are also factored while defining a period as one of recession such as unemployment figures.

The International Monetary Fund has anticipated the United Kingdom would be among the worst performing economies among G7 countries. However, Kristalina Georgieva, IMF Managing Director, said on Tuesday it is likely the UK will perform better than Germany.