Trade war: Germany faces many risks despite growth
(Baonghean.vn) - According to official data, the German economy grew 0.5% compared to the same period three months ago, higher than the forecast of 0.4% thanks to higher government and household spending.
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| Illustration photo: AFP |
Germany's economy remains strong despite the trade dispute with the United States and its impact on growth prospects, the country's economy remains strong, the German Economy Ministry said on August 10.
“Germany's upward trend remains strong despite trade-related uncertainties,” the ministry said in its monthly report.
“However, above all, risks from the external economic environment remain high. This can be seen in the business climate assessment survey of the Institute for Economic Research (Ifo),” the German Ministry of Economics added.
According to these officials, compared to the same period last year, the German economy grew 2.3% in the second quarter.
Economic prospects looked uncertain, as earlier this month the European Union (EU) invoked the Blocking Act to protect European businesses and exempt them from complying with US sanctions on Iran.
Berlin also has to deal with Washington's new trade policies, including high import tariffs on aluminum and steel, a new package of sanctions against Russia, and potential restrictions on German cars.