Overview

• Destatis reported that industrial production fell 1.9% in June, marking its lowest level since May 2020
• May output was revised down to a 0.1% decline from a previously reported 1.2% increase
• Under an EU-US agreement, the United States imposed 15% tariffs on EU exports this week
• German exports to the United States declined 2.1% in June, even as total shipments rose 0.8%
• The government predicts zero growth for 2025, though some institutes have adjusted forecasts to slight expansion after signs of a downturn bottoming out