German economy shrank in the second quarter of 2008; Consumer price index rose 3.3% in July 2008 - a 15 year high
Aug 14th, 2008 | By Finfacts Ireland Business & Finance Portal | Category: News worldwide
The German economy shrank in the second quarter of 2008 - the first time in almost four years. The gross domestic product (GDP) was down by 0.5% on the first quarter of 2008 upon price, seasonal and calendar adjustment. In the first three months of the year, the GDP was up 1.3%. The last time the German economy recorded a decrease was in the third quarter of 2004 (–0.2%). Destatis also reported that consumer price index for Germany rose 3.3% in July 2008 - a 15 year high.