The German economy ministry has issued a stark warning of “significant risks” to growth with declines in manufacturing orders, industrial output, imports and exports and retail sales.
July’s inflation figures also point to a weakening economy.
The cost of living was up less than two percent on the same month last year.
The effects of the eurozone’s debt crisis are sparking fears Germany could fall into recession in the second half of this year.
Frankfurt based analyst Robert Halver with Baader Bank said: “Export and imports fell a lot, the world economy isn’t performing that well anymore, it’s still growing, but not as well as before and Germany, as an exporting nation is suffering particularly.”
Germany’s growth has to a great extent been export-driven, but it has been hit by the euro crisis as roughly 40 percent of its exports go to the eurozone.
China is also slowing. One of Germany’s fastest growing markets, accounting for around seven percent its total exports.
Another worrying sign, big German companies – from steel distributor Kloeckner to Deutsche Bank to energy firm RWE – are pressing ahead with thousands of job cuts.
A nearly uninterrupted six-year drop in unemployment seems to be coming to an end.
Seasonally adjusted joblessness has risen, albeit modestly, for the past four months.
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