- Prior +0.4%
- GDP (non-seasonally adjusted) -0.2% vs 0.0% y/y prelim
- Prior -0.2%
- GDP (seasonally adjusted) +0.2% vs +0.4% y/y prelim
- Prior 0.0%
Yikes. The revision lower there makes the Q2 figure look rather poor as both manufacturing and construction seemed to have fared worse than expected initially in the month of June. The quarterly dip in the German economy here matches that seen in Q2 last year and also Q4 2023. One positive at least is that total consumer spending is seen up 0.3% on the quarter but private consumption was only marginally higher (+0.1%), which is softer than what the flash report suggested.
The good news at least for Germany and the euro area economy is that this is now past data. And so far, business activity data seems to be pointing to some positives in Q3. However, US tariffs will eventually have a say on things especially the autos sector. So, we’ll have to see what becomes of that in the months ahead.
