Germany’s economy shrank more than initially estimated in the second quarter due to a much weaker performance by manufacturers following a surge in US business at the start of the year to avoid tariffs.
Gross domestic productdeclined 0.3% from the previous three months, the national statistics office said Friday, revising down its preliminary reading of -0.1%. Investment was also a big drag, slumping 1.4%, while private consumption provided significantly less support than first thought.
“Industrial production, in particular, performed worse than initially assumed,” the statistics agency said in a statement.
The contraction is a setback for …