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The German economy stagnated in recent months as growth in its key industrial sector slowed due to global uncertainties and a number of public holidays, the nation’s central bank said Monday.
“Industry slipped into a lower gear,” the Frankfurt-based Bundesbank said in its monthly report.
In particular, activity in the construction industry in Europe’s biggest economy dropped between April and June after a strong pick-up in the opening months of the year due to relatively mild winter weather.
The Bundesbank pointed to international uncertainty brought on by tensions in the Middle East and Ukraine, along with the timing of public holidays that shortened the working week in Germany as the reasons behind the economic slowdown.
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