German Preliminary GDP contracts 1.7% in Q1 vs. -1.5% expected, EUR/USD battles 1.21

• German GDP arrives at -1.7% QoQ in Q1 vs. -1.5% expected.
• Annualized German GDP stands at -3.0% in Q1 vs. -3.2% expected.
• EUR/USD unmoved on mixed German Q1 growth numbers.

The German economy shrank 1.7% inter-quarter in the first quarter of 2021 when compared to the expectations of -1.5% and 0.3% seen in Q4, the preliminary report published by Destatis showed on Friday.

more to come ...

About German Prelim 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 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).