According to data released by the German National Bureau of Statistics on Monday, the retail sales in June decreased by 8.8%compared with the same period last year, which was the largest annual rate since the record in 1994. The significant decline in retail sales mainly reflects two problems: 1. The rise in prices has greatly affected consumer expenditure, and the cost of energy and food expenditure significantly means that consumers’ distribution funds have decreased sharply; 2. Insufficient consumer information insufficient information Essence German economic growth has stagnated between the first quarter and the second quarter. Relevant data shows that consumer confidence is currently at the lowest level since the new crown epidemic.
The decline in retail sales also means a large reduction in factory orders. Chief Freiste’s global market intelligence company Chief Business Economist Chris Williamson said that manufacturing activities in Germany and other places “are falling into become increasingly severe downturn. Increase the risk of recession in the area. ” As the largest economy in the euro zone, Germany’s potential economic recession crisis will undoubtedly have a significant impact on Europe.