Germany: Germany's economy, the largest in Europe, shrank by 0.3 percent in the second quarter of this year compared with the previous quarter, the Federal Statistical Office said Friday. According to Kuwait News Agency, citing a preliminary report at the end of July, the office, based in Wiesbaden, stated that the gross domestic product (GDP) contracted by 0.1 percent due to lower corporate investments in construction and machinery. Additionally, trade tensions across the Atlantic have negatively impacted exports. Since last summer, the United States has imposed 15 percent tariffs on European Union goods. This has placed German companies in a challenging position given their extensive connections to the American market. The tariffs have particularly affected Germany's economy in the automotive and chemical sectors, causing ripple effects throughout the wider economy.
