Carsten Brzeski, Chief Economist at ING, notes that the German economy grew by 0.5% QoQ in the second quarter, from a slightly upwardly revised 0.4% in 1Q.
Key Quotes
“On the year, GDP growth came in at 2.3% or 2.0% when adjusted for working days.”
“Defying the often-heard international criticism, the economy is already showing a very balanced growth model. In the second quarter, domestic demand was the main growth driver with private consumption up by 0.4% QoQ, government spending up by 0.6% QoQ, investment up by 0.5% QoQ and construction up by 0.6% QoQ.”
“German growth data suggest that at least in the second quarter, the ongoing trade tensions were a threat but did not leave any significant marks on the economy.”
“While risks from the external side are increasing, the domestic side of the German economy offers both challenges but also opportunities.”
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