During the second quarter of 2019, Germany's GDP registered a deceleration of 0.36 p.p. in its y/y growth rate, which stood at 0.52%. This was mainly due to the performance of external demand, hampered by the lower growth in exports. In the labor market, unemployment rate fell by 0.10 p.p. to 3.10%, while the year-over-year growth rate of employment slowed by 0.05 p.p. to 1.02%. Inflation registered a rate of 1.70%, 0.33 p.p. above the rate registered on 1Q19. Finally, during the second quarter of 2019, the average $/€ exchange rate decreased with respect to 1Q19, by 0.01 p.p., amounting to 1.13 $/€.
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