The German economy expanded by 0.1% on the quarter in the three months to June of 2022 vs. 0.0% prior, the final revision confirmed on Thursday. The expectation was for a reading of 0% in the reported period.
On an annualized basis, Europe’s economic powerhouse’s GDP expanded 1.7% in Q2 2022 vs. 1.4% booked in Q1 while beating 1.4% estimates.
Meanwhile, the GDP rate w.d.a arrived at 1.8% YoY in Q2 vs. 1.5% expected and 1.5% previous.
FX implications
EUR/USD was last seen trading at 0.9994, up 0.30% on the day. The euro failed to find any inspiration from the upbeat German GDP revision, as it clings to the parity mark.
About German GDP
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of the German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).