Germany’s economic performance in Y 2018 was its weakest in 5 years, it was reported Tuesday.
The German economy grew 1.5% last year, a sharp decliner from the 2.2% expansion in Y 2017, and the slowest annual rate since the European debt crisis in Y 2013.
Growth also took a hit due to a decline in exports.
Figures released last week also showed German industrial production declined 1.9% M-M in November, which was significantly below a consensus for growth of 0.3%.
German growth was weakest in 2-H of last year, with Q-3 especially poor as the economy contracted 0.2%, according to the data.
The outlook for the future is not particularly Rosy, with Holger Schmieding, chief economist at Berenberg, saying “For the next few months, we have to brace ourselves for a very grey Winter.”
Troubles in Germany’s economy, Europe’s largest, are expected to deepen concerns about slower global growth this year.
Germany’s economy, Europe’s largest, is shrinking on increasing worries about the effect of multiple issues, like Britain’s decision to leave the EU and new tariffs from The Trump Administration.