The Federal Statistical Office on Thursday said that Germany has recently confirmed its reports showcasing only 0.1% growth in its anemic growth estimate for the second quarter. In the report, it has also been mentioned by the country that household spending and net exports have majorly contributed to the increased figures and the growth rates, which has further served well in taking the economy nearly to stagnation.

The reports also highlighted that economy’s earlier or first quarter’s 1.3 % increase has, presently, reduced to only 0.1% growth, the preliminary figures of which were published on August 16.

Moreover, it was also shown in the report that Gross Domestic Product figures have increased by 2.8 % annually in the second quarter, which initially, expanded 5 % during the first quarter.

Regarding the situation, ING Bank NV’s Economist Mr. Carsten Brzeski said that solid labor market with strong economic fundamentals, improvement in domestic demand have majorly contributed in constituting an anti-recession insurance.

The German Institute for Economic Research, or DIW, also talked in its statement regarding being confident of the 0.4 % growth of the largest eurozone economy in the third quarter.

“We must get used to the idea of a weak second half. Germany is still dependent on exports”, said Torge Middendorf at West-LB.