German economy shrinks - Caused by decline in exports and industrial production
Germany's economy shrank by 0.3% in the second quarter from the January-March period, as demand from its main trading partner, the United States, slowed after months of buying ahead of US tariffs.
The statistics office revised up preliminary data showing a 0.1% contraction, dampening expectations for a sustained recovery in Europe's largest economy this year. Industrial production performed worse than initially expected.
Household consumption was revised up by only 0.1% in the second quarter, due to new data in the services sector, such as the monthly statistics on accommodation and food services for June. Government spending increased by 0.8% compared to the previous quarter, while investment fell sharply, falling by 1.4%.
Foreign trade did not bring positive contributions either, with total exports of goods and services decreasing by 0.1% compared to the previous three months.
The European Union and the United States signed a framework trade agreement at the end of July, but so far only a basic tariff of 15% has been implemented. The EU is still waiting for the White House to issue executive orders for exemptions, such as in the automotive industry. The US was Germany's largest trading partner in 2024, with a bilateral trade of 253 billion euros in goods.
Positive news for Germany came from the private sector, which recorded a slight increase in August, driven by the manufacturing sector. The economy is expected to recover in the coming quarters due to interest rate cuts by the European Central Bank and more expansionary fiscal policy.
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