Great GDP figures out in Germany UPUPUP25 Aug 2022 09:06
And confirmation that large Durable goods way down but social spending WAY up yipeee as we have all been saying
Here's some paragraphs
Domestic demand increased considerably also year on year despite large price increases and global insecurity. This applies especially to household final consumption expenditure, which rose by a price adjusted 7.2% from the 2nd quarter of 2021. When almost all Covid-19 restrictions were lifted at the end of March, people were again keen to travel. Expenditure on accommodation, restaurant and transport services increased strongly in the 2nd quarter of 2022. Households also spent more money on semi-durables such as clothing and footwear. Less was spent on durable goods; this may have been due to more serious delivery problems, especially with regard to cars, and large price increases. The high food prices and higher household expenditure on food and beverage services have probably led to lower price adjusted household expenditure on food compared with the 2nd quarter of 2021.
Domestic demand substantially up
The economy was supported mainly by household and government final consumption expenditure. Despite large price increases and the energy crisis, consumers took the opportunity to travel and go out more, for example, in the 2nd quarter of 2022 after nearly all Covid-19 restrictions had been lifted. Household final consumption expenditure rose by a total of 0.8% compared with the 1st quarter (price, seasonally and calendar adjusted). General government raised its final consumption expenditure by 2.3%. While gross fixed capital formation in machinery and equipment also increased on the previous quarter (+1.1%) after adjustment for price, seasonal and calendar variations, gross fixed capital formation in construction showed a marked decline (-3.4%) after the unusually good and mild winter.
As a whole, trade with foreign countries went up. Enterprises reported altogether stable exports although the volume of goods exported to Russia was down considerably in the 2nd quarter of 2022 compared with the beginning of the year due to the war in Ukraine. Despite the interruptions in supply chains worldwide, exports of goods and services were up by 0.3% from the 1st quarter of 2022, after price, seasonal and calendar adjustment. However, there was a larger quarter-on-quarter increase in imports (+1.6%).
Gross value added up in most service branches and down in industry
In the 2nd quarter of 2022, the price, seasonally and calendar adjusted gross value added decreased by a total of 0.3% on the 1st quarter of 2022. Diverging trends were recorded for the individual economic sectors. The economic performance in manufacturing declined by 0.5%, with the dampening effect being due mainly to energy intensive branches such as the chemicals industry and manufacturers of basic metals. In contrast, the lifting of the Covid-19 restrictions led to a better economic performance in most service branches.
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