|German Economy Slumps over Sector Sanctions|
|by Tom McGregor||Tue, Sep 2, 2014, 12:38 AM|
President Barry Obama's sector sanctions against Russia have caused the Germany economy to plunge into a downward spiral.
According to Russia Today, "Growth in Germany contracted 0.2 percent in the second quarter, the first fall in over a year, stoking worries Europe’s biggest economy is slowing down, as the Ukraine crisis and weaker trade drag down what was once a glowing model for the rest of Europe."
Germany's $1.5 trillion GDP accounts for approximately 30 percent of the entire European Union (EU) economy.
As reported by RT, "The seasonally-adjusted gross domestic product (GDP) from April to June was Monday by Germany's Federal Statistics Office to have dropped twice as much as forecast, which it said shows the economy is “losing momentum.”Annual growth predictions have been slashed from 3 percent to 1.5 percent."
Germany is an export-driven economy and relies heavily on trade with Russia.
To read the entire article from Russia Today, link here:
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