germany economy news
Jul 30, 2020 2:23 PM UTC.
Global News Select Germany's Economy Suffers Biggest Contraction on Record, but Green Shoots Emerge — Update Provided by Dow Jones. The bad news just keeps on coming for Europe's largest economy, Germany. Despite growing optimism in … Write to Tom Fairless at tom.fairless@wsj.com "The German business cycle expansion, which started in 2013, ended decisively in Q1, and more pain is ahead in the near term before the recovery. It still expects to make a profit this year, although “severely lower” than last year.Other carmakers have also suffered but France’s Pendragon said 15 of its stores would be closed as a result of a review of its operations, which started before the pandemic, with 400 job losses. The political and economic identity crisis seen in the U.K. during its torturous Brexit process could shift across the continent to Europe's largest economy Germany in 2020, according to economists and market watchers.Germany's political system is going through a period of instability with the governing "grand coalition" of Chancellor Angela Merkel's Christian Democratic Union (CDU), its Bavarian sister party the Christian Social Union (CSU) and the Social Democratic Party (SPD) under increasing strain over the last year.Tensions came to a head earlier in December when the CDU party leader, Annegret Kramp-Karrenbauer, rejected calls from the SPD's new leftwing leadership team to renegotiate the terms of the governing alliance, putting the coalition's survival into 2020 in doubt.The instability comes amid a wider picture of polarization in German politics with rising support for the far-right populist party Alternative for Germany (AfD) and the Green Party.The next election is due in 2021 and Chancellor Merkel has already announced she would not seek a fifth term in office. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. "German consumers are leaving the corona shock from the spring of this year more and more behind," market research firm GfK said last week.
It was a sharp contraction overall, but so far at least, the blows to the German economy have not generally been as severe as those suffered by the rest of the eurozone. Browse The Independent’s complete collection of articles and commentary on German economy. "As much as we would like to see the German economy leaving the stagnation territory behind, truth is that any tangible bottoming out is still hard to find," he said. In-depth business news on Europe and it's strongest economy. Exports are worth around 47% of Germany's GDP, roughly four times the share of the U.S., according to data from the World Bank. A year, in which the economy has been flirting with stagnation and technical recession. "Germany should benefit from more generous fiscal support than elsewhere in the coming months, its low infection rate and strong public-health system, and limited dependence on foreign tourists," said Andrew Kenningham, chief Europe economist at Capital Economics in London. A combination which does not bode well for industrial production in the near future. "We have to think about what is coming next and what is not going to be the case is the status quo. Her departure from German politics will be a sea change for Germany as well as Europe as she has been a constant political figure in the continent over the last two decades.
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