The preliminary data released by the Federal Statistical Office of Germany on July 30th local time, after adjusting for price, seasonality, and working days, shows that
the Gross Domestic Product (GDP) of Germany in the second quarter of this year decreased by 0.1% compared to the same period last year. The Federal Statistical Office stated that following the economic recovery at the beginning of the year, the momentum of German economic growth has weakened.
The German Institute for Economic Research issued a statement on the same day, stating that the new trade agreement reached between the European Union and the United States regarding tariffs would further burden the German economy. Caspar Buerkowski, head of macro research at Deutsche Bank, mentioned that if the United States imposes a 15% tariff on the EU, it is expected to drag down the German economy by 0.1 to 0.2 percentage points. (CCTV Reporter: Tao Ye)
