Economic Snapshot: Germany: Emerging from the woods

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.

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.