Breaking: German Prelim GDP contracts -2.2% in Q1 vs. -2.2% expected, EUR/USD unfazed

• German GDP arrives at -2.2% QoQ in Q1 vs. -2.2% expected.

• Annualized German GDP stands at -1.9% in Q1 vs. -1.6% expected.

more to come ...

The Q2 GDP outlook looks bleak, with the influential IFO institute forecasting a decline of 12.2%, downwardly revised from their previous estimate of a 9.8% fall.

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 the 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).