The German economy narrowly avoided an expected slip into recession in the third...
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.
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