The decline in Germany’s Gross Domestic Product (GDP) in the second quarter was more significant than initially estimated, attributed to the industrial challenges posed by U.S. tariffs, as reported by the statistics institute Destatis today.
Between April and June, Germany’s GDP, adjusted for price, seasonal, and calendar variations, fell by 0.3%, indicated Destatis, which had initially estimated a 0.1% decrease.
German industrial production developed less favorably than initially estimated.
In the first quarter, the German economy experienced a slight growth of 0.3%.
The Bundesbank forecasts stagnation for the current third quarter, according to its monthly report.
Among the negative factors are global trade turbulence and the poor situation of the order books.
Furthermore, the worsening labor market prospects and slowing wage growth are affecting private consumption.
