German economy stagnates in the second quarter as global turmoil hits

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The German economy stagnated in the second quarter, neither growing nor shrinking compared to the previous quarter, the Federal Statistical Office announced on Friday as it provided a first estimate. That compared to the first quarter of 2022, when Europe’s largest economy grew by 0.8% according to the latest data. The difficult global economic conditions with the coronavirus pandemic, disrupted supply chains, rising prices and the war in Ukraine were clearly reflected in the economy, the Wiesbaden-based authority explained. According to the report, the economy was mainly supported by private …

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