German economy shrinks

FRANKFURT AM MAIN, Nov 14 (AFP): Germany, Europe's largest economy and top exporter, went into reverse in the third quarter, shrinking 0.2 per cent after a gain of 0.5 per cent in the previous three months, official data showed on Wednesday.

It was the first quarter-on-quarter fall in gross domestic product (GDP) since early 2015, federal statistics authority Destatis said, and worse than the 0.1-per cent slip forecast by analysts.

Meanwhile at home there was higher government spending and private-sector investment, but consumer spending fell. Earlier indicators had hinted at a slowdown for Germany, with economists highlighting in particular new European emissions tests weighing on the vital car industry.

New car registrations plunged more than 30 per cent year-on-year in September as the so-called WLTP cycle was introduced.