External sector statistics provide information on a country's economic relationships with the rest of the world. 

German economic output probably grew somewhat more slowly in the second quarter than expected, the Bundesbank writes in its latest Monthly Report. According to the Bundesbank, temporary hopes of an end to the weakness in the industrial sector were not realised, as industrial output declined sharply in May. In contrast to this, the recovery in the services sector continued, buoyed in part by private consumption. The inflation rate was somewhat lower again in June. Bundesbank economists believe that economic activity is likely to strengthen somewhat in the third quarter, but could fall a little short of the expectations expressed in the Bundesbank’s June forecast for Germany.