The market has been on a downward trend for six months. German carmakers posted an 18% increase. Lower profits than in 2023. Meanwhile, residential construction sales fell by more than 12%. Many Germans are refraining from shopping, and every second retailer is complaining about falling sales. The number of orders in the automotive sector fell for the 17th month in a row.
According to the Ifo economic research institute, “a significant recovery in retail trade is unlikely in the second half of the year.”
Meanwhile, one of the main macroeconomic indicators of the German economy, the ZEW index, recently reached its lowest result in two years. Businesses are also preparing for the deepening crisis by stockpiling essential products.
Federal and state tax revenues fell by almost 8% in July to €63.8 billion (PLN 272.2 billion). The Bundesbank therefore expects the crisis to continue for several more months.
– Germany is facing a serious recession. The economy minister must now emerge from his summer hibernation, warns economist Michael Kruse.
“This is not enough”
As the number of problems grows, the ruling coalition has adopted a package of 49 measures to help the German economy. It must now be implemented by the Bundestag, but experts say this is not enough.
The German economy suffers from three major problems: a lack of public investment, uncertainty about energy prices, and massive industrial policies in the United States and China. Yet the government has not adequately addressed any of these problems, concludes economist Sebastian Dollian.
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