German Economic Growth Robust Despite Slowdown in Second Quarter

German GDP growth chart

German GDP growth chart

The French economy, the second-largest in the euro zone, grew 0.5 percent in the second quarter, helped by stronger exports, according to preliminary data.

"The German economy continues to grow", Destatis said in a statement, noting that the expansion was driven by household consumption, government spending, investments and the construction sector.

Germany's gross domestic product (GDP) expanded by 0.6 percent from April to June compared with the previous quarter, adjusted for price, seasonal and calendar effects, federal statistics authority Destatis said. A growth rate of 0.6% q/q is expected for the 19-country currency bloc. Trade weighed on overall growth as imports rose faster than exports. Year-on-year growth was 2.1 percent compared to an adjusted 2.0 percent in the first quarter. She's seeking a fourth term in September.

"Germany's economic success story goes on and on and on", said Carsten Brzeski of ING Diba bank.

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"The unemployment rate is very low, the economy has done very well particularly by the eurozone standards, so it's quite possible that it will boost support for the incumbent party". The Statistics Office will publish its detailed GDP growth data on August 25.

At 3.30 am ET, Dutch GDP data is due. Inflation is expected to rise slightly to 2.7 percent in July from 2.6 percent in June. The sequential growth is seen at 0.6% in the second quarter, the same as estimated initially.

Germany maintained its solid economic performance, despite an unexpected yet mild slowdown in the second quarter. On Tuesday, it was 0.4% in early trade against the dollar and was down 0.3% versus the pound.

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