In the second quarter private consumption, government spending, construction investment and, above all, net exports contributed to this growth. There was another marginal dip in machinery and equipment investment.
Economic Snapshot: Germany: Emerging from the woods
However, what severely depressed economic performance was destocking, which made a negative contribution to growth of –1.9%. Had stocks not been run down so massively, the economy would have bounced back by a remarkable 2.2% versus the first quarter.