Germany enters first recession since 2003

Its Federal Statistical Office (SBD) this morning revealed a "considerable increase" in imports coupled with a decline in exports has had a negative effect on the country's economic development. Germany's GDP contracted by 0.4% in Q2, following a sharp 1.4% growth in the first quarter. Compared to the third quarter in 2007, it has risen 0.8%. The SBD also noted a slight increase in household and government consumption expenditure - while Germany's jobless levels also increased in the period, with the 40.5 million unemployed a 1.5% jump on a year earlier. Germany's economy last suffere...