德国经济在2025年第二季度季度季度环比收缩0.3%，比初步估计的0.1%的降幅更大，扭转了前一时期0.3%的增长。这是自2024年第二季度以来最大的季度跌幅，原因是固定资本形成下降（-1.4%对第一季度的0.3%），反映出建筑和设备投资疲软。净贸易也拖累了增长，因为出口下滑（0.1%对2.5%），而进口继续增长（1.6%）。与此同时，尽管政府支出反弹（0.8%对-0.3%），但家庭消费急剧放缓（0.1%对0.6%），库存变化也做出了积极贡献。按行业划分，制造业、建筑业、贸易、运输业、酒店业以及金融和保险服务业的产出均出现萎缩。按年计算，经济增长0.2%，略低于第一季度0.3%的增长率，尽管这是连续第二个季度的年度增长。
Germany’s economy contracted 0.3% qoq in Q2 2025, sharper than the preliminary estimate of a 0.1% drop and reversing the 0.3% growth seen in the previous period. It was the steepest quarterly decline since Q2 2024, driven by a fall in fixed capital formation (-1.4% vs 0.3% in Q1), reflecting weaker investment in both construction and equipment. Net trade also weighed on growth as exports slipped (0.1% vs 2.5%) while imports continued to rise (1.6%). At the same time, household consumption slowed sharply (0.1% vs 0.6%) even as government spending rebounded (0.8% vs -0.3%), and inventory changes made a positive contribution. By sector, output shrank in manufacturing, construction, trade, transport, hospitality, and financial and insurance services. On a yearly basis, the economy grew 0.2%, slightly below the 0.3% expansion in Q1, though marking a second consecutive quarter of annual growth.
