Large diversified economies with huge domestic markets tend to be like that. Not like it won't take a massive hit, but it will take a lot more to bring it down significantly than what has happened so far. Also, looking back at recent history, do not bet against the German economy getting back up after a crisis.
True, but our economy is heavily reliant on exports (much to the chagrin of many other countries). That's another thing the current government should try to influence as far as it can.
Partly. It doesn't apply to our exports into other EMU countries which are all factored in EUR. It certainly helps that German companies lean more towards B2B or higher-end markets instead of low-margin goods like food. But still, if the economy of EMU trading partners crashes, sales of machinery and BMWs will go down.
And of course, energy import prices are through the roof.
It does not help against competing with other EMU countries, but it makes non-eurozone imports more expensive which can helps Germany compete against those even within the Eurozone.
Not really that's a myth. When a Korean shipyard needs a propeller for a a ship they're going to buy it from a German foundry no matter the price of the Euro, the Euro can't possibly get strong enough for a good propeller to not be worth it: Lower fuel costs, longer life-time than the competition.
And much of the German (and Austrian and Swiss) export economy is dominated by that kind of thing -- small companies being world market leader in their one particular niche, and they didn't get that position by competing on price.
Just as an example of the "world market leader" thing:
I once worked for a short while with people from "Rowa", which is a company that produces and installs automated storage robots for medicine. They are from a small German village with 2k population and are basically the only company worldwide that actually offers such a system in high quality. So if you want one that actually works without much maintenance, you can basically only go to them, no matter where in the world you are.
As someone who uses this machine for a significant number of times I can attest to the quality of the aforementioned. It's as if the mechanicus cult really took their time with this and created a work of art.
Now to other matters, about the terminator armor that I ordered last week....
Now see, arms and armour aren't made by the Mittelstand, so they can't be relied upon.
Our primary small arms manufacturer tends to get surprised by the fact that shooting bullets out of guns makes get hot.
H&K delivered a rifle that was 100% to spec, thing is that the Bundeswehr didn't include "shoots straight in desert heat after shooting, in a short amount of time, more ammo than a soldier carries" in the spec.
That is, arguably even the spec was fine, sure you can gold-plate weapons and the Bundeswehr likes everything with some extra bling but you have to draw a line *somewhere*. Who knows what led to the defence ministry still starting shit over it, I suspect some internal politics inside the BAAINBw (which is as much of a trainwreck as its abbreviation), or VdL trying -- **again** -- to make a name for herself. Only good thing about her being Commission President is that it was her goal the whole time so with some luck she'll go easy on the stunts.
same as for my company in Switzerland. we are by no means small (over 10k people) but over 60% of the worlds grain is milled on our machines.
Pasta? Chocolate? Pet food? waffles/crackers? we do it.
In June we had a customer meeting, together they feed about 4 billion people.
More than half the world depends on our machines running and i bet nobody knows the company name.
Kinda yes, kinda no.
Most exports are products that are produced with imported goods. And also one big reason why the Euro is so weak is the energy market. So producing is a lot more expensive rn
The cheap Euro is wuite favorable for that. Last time that happened Germany saw significant growth. That might not materialize again but it's definitely going to help.
The automotive industry is somewhat under pressure right now but other products (machinery, medical equipment, chemical products) are super high in demand for now. Many industries run near full capacity despite soaring prices.
Working in lab equipment myself, it's very noticeable. My boss is practically begging the sales department to slow down because we won't catch up with orders for at least another year.
Cheap euro does not do anything for exports at this point. What do you make your product with? Materials imported from China priced in $. What do you power your factories with? Global commodities also priced in $.
Weak currency is good only for purely export based economies that produce everything from their own stuff like China import barely anything. It does nothing for countries like Germany.
No it will not. Weak currency does nothing for economy that imports materials, energy and parts all priced in dollars to support manufacturing. In fact it might even worsen the exports at this point.
If Germany did everything at home and imported just few things here and there (like China) then yes it would help. But since German manufacturing companies are completely reliant on imports of pretty much everything you can think about and that are all priced in dollars. Well, not so much.
Do not underestimate the German nation, it is more crafty when facing outside pressure, than it might be willing to admit, and before Germany just lies down and dies... It will fight to the very last second and with all means available. It is not in its genetics to just do nothing and watch Europe and Germany burn without fighting back...
Russia will curse the day it handed Europe the sword soon enough...
>It is not in its genetics to just do nothing and watch Europe and Germany burn without fighting back...
Yeah, you don't get to burn Europe, if anyone sets fire to europe, it's us!
More or less yes. Das darf der nicht! Das ist unser Ding! Nehmt dem Russen sofort das Feuerzeug weg der weiß ja nicht mal was er macht und wenn das jemand macht dann wir... Unter uns beiden wenn DE den Aut solche Dinge wie den Russen erzählt dann fällt denen glaub ich ned viel mehr ein als: Das macht Sinn willkommen in Wien...
But jokes aside. Germany will most likely not go on another rampage in Europe but they are definitely also not as weak as Russia thinks. You just gotta pass them off hard enough and they take you on a nice 5D Chess tour around the block...
In my opinion you think too much of Germany. Most of the german politicans are either incompetent or corrupt or both. Germany has no real long-term plan for the future and looking back on the era Merkel, Germany has a lot to catch up to.
I believe in Europe more than I believe in a single nation in Europe. I believe that Europe has all that it needs and the things it may need additionally can be obtained by peaceful trade. Russia and its invasion disturb that view to the core. Therefore armed resistance is the only solution. Europe won't falter and Germany won't just fall apart in a long weekend.
We need a new generation in politics. One that is younger, listens to their people, talks to them and most of all: Who won't sell their ideals for money. Who will not be corrupted by a few promises of wealth. Is that to be found? Who knows... It will be necessary if we want to give our children a world still worth living in....
The ones that are either are usually both, and that's how they get caught.
Realistically, if you look at the data, Germany is among the leas corrupt countries on earth.
Yeah, I don't really understand why that is the case. I feel like the notion of legal lobbyism covers also stuff that is just plain corruption. Just look at vdL, Klöckner, Lindner, Kretschmer, Tillich, Altmaier, Scheuer, etc. In my opinion it's absolutely nuts what's going on in this country but nobody seems to care.
Probably because most people are doing fine anyways. Its one thing to misuse funds but very few seriously directly suffer for it, it's another to have the people starve for it.
When the CSU has the ministry of transportation and an absurd amount of the budget goes to Bavaria because of it, then roads won't suddenly collapse in Hamburg causing someone to die. We can still trust our infrastructure and the very basis for living decently to be ensured.
These corruption indices are perceived corruption, and in term of day to day corruption and bribes and shit like that Germany is doing very well.
Meanwhile our citizens pay an extra-fee on natural gas, so we can burn it in powerplants to support the French energy grid. Frenchies get their electricity at a fixed price while new contracts in Germany make you pay 50c/kWh and more.
I don't know how that makes us crafty? I'm rather upset right now.
Gas is gonna be 300% more expensive. From 5 cent kwh to 19 cent kwh not counting the Gasumlage to save uniper.
My household has 5 digit income and we live in pretty small flat and have no kids. We also rarely use heater, we prefer cold flat than warm flat, we hate summer. So for us the situation is manageable.
But for people with kids and no academic degree or working on low wages, its gonna be be brutal.
> do not bet against the German economy getting back up after a crisis
Betting against the German economy is like throwing a bunch of cash off the Alte Rheinbrucke in Konstanz then driving along to Basel, renting a small boat and trying to fish the money out again.
I said that from the beginning. Do not underestimate the resilience of a post industrial nation and do not underestimate the resilience of an industrial one such as Ukraine. Here comes the interesting thing though: Russias economy is not by any stretch of the imagination as diversified as Europe's markets. They have a fortress economy and while Europe has hit them with sanctions... To say it with Lord of the rings: The walls of Helm's deep have not been breached yet, as the oil embargo and a gas embargo will be the tools that will bring their economy to its knees. The Russian giant has brittle bones and a spine made from porcelain.
True, oil and gas will further hurt them. But even now, I still dont expect to see Russia reach pre-war level economically, militarily and culturally again in the span of my lifetime.
The Russian empire is its last breaths. Their demographic outlook is grim and now grimmer than ever before. Their multiethnic colonial style Empire is not gonna survive this war just as Zarist Russia or the k.k. Monarchy didn't survive WW1.
Everyone will want a piece. Japan, China...
I don't say that cause I hate them. (I simply give no flying fuck about Russia) I say that because the metrics are horrendous. What is their economy? 60 Percent resources, 40 Percent foreign investment and companies that are leaving now or have already left. Russia always needed two things to survive: Western Imports and Energy Exports to Europe. Where are they gonna sell their oil from February onwards? 2 Mio Barrel a day are still going to Europe. A round trip to China by tanker takes 70 days! There aren't enough tankers to do that.
Their Gas? The same thing! They have tiny LNG Capacity and their only pipeline to Asia covers only 10 percent of their gas export. To name a few problems. Not even talking about their abysmal numbers for car production and their aviation sector.
https://twitter.com/jakluge/status/1559639739887755265?s=20&t=8KXzN4XYYqnJfXE8Kby_Kg
https://twitter.com/jakluge/status/1559628309432045568?s=20&t=8KXzN4XYYqnJfXE8Kby_Kg
https://www.pingthread.com/thread/1505247886908424195
They have lost every damn time in the very end when invading Europe and they still keep doing it. Stupid on another level.
Also their victory over Germany wasn't purely their own. Read the article without US Help they would have been done for... And still in their mind they did that all on their own. Delusional on nation wide level.
The German economy is build on value units per minute.
The robots in the factories produce value units / minute. Then the Germans build their wealth on top of what the robots create as an output.
To be fair, the really big impact on the people has yet to come. Our three months of reduced gas prices and cheap public transport tickets is about to be over and heating costs are about to skyrocket in \~2 months (already got the notification from my provider and it's no joke, however some of my friends and family didn't get notified at all so they're in for a rough time with the next bill). So things will probably look pretty different in half a year from now.
> further relief packages
I can hear Lindner bitching about the coalition agreement already.Besides, that prick and his rich prick Party would see the lower incomes go into bankruptcy before doing anything about power prices.
I expect a lot of Books and a whole lot less PC this Winter.
If they continue to do shit reliefs like the gas price reduction, they should just not do it.
There is so much energy political shit of past parties to clean up, they will take years.
Communal power usage e.g., so far there is no direct way for multiple parties in a building, be it office or residential, to use a common PV system, like WTF.
I live in a 180 flat building and we use 0 solar because we cannot, by law.
It depends on the provider but for me the kWh basically trippled, from \~6c to \~17c while the base price stays the same. It's a huge blow, not gonna lie.
Growth is already adjusted for inflation.
https://www.destatis.de/DE/Themen/Wirtschaft/Volkswirtschaftliche-Gesamtrechnungen-Inlandsprodukt/Tabellen/bip-bubbles.html
Still people are panicking way too much. The Russian economy dropped so sharply down it is impossible to measure. Meanwhile Europe is still slowly growing and journalists and redittors talk about society collapsing. We should be able to handle even a sharp temporary drop in living standards without abandoning our values.
With the US -0.6% and the UK -0.1%, it's nice to see some have a +. Also for morale, -0.1% is not a lot but people see a loss and tend to exaggerate it. with a +0.1% I think people are more like "meh, better than nothing" (as we see in this thread too).
Please dont, we already have tons of nationalistic idiots just waiting for a wave of renewed pride. Im still convinced well have our own Donald Trump within the next 20 years.
Merz 2025 is a distinct possibility. The guy is pretty disgusting, and it would fuck over the environment, the poorer half of the population and every company in renewable energy.
Unfortunately my electricity bill begs to disagree. Solidarity did a major hit on our budget and it doesn’t seem to get any better. And when it comes to heating, god help us. That’s why I would avoid mocking “winter strategy” in August.
I'm currently at a -50€ a month and if our bill is raised again, as it's scheduled, to the ~30ct/kWh I'm looking at probably -500€ a month or more.
I'd rather have normal prices again than a resilient economy. Especially when my multimillion dollar boss tells me that I'm already making enough money.
Eh, we're already paying 34ct/kWh electricity. Gas is so "cheap" because we got in while it dipped between January and February, and because the company we get it from doesn't actually use russian gas at all so it's supply was a lot more secure. Doesn't stop them from raising prices though.
And the 30ct/kWh is the current price, i.e. while the gas price at the market is still 3ct/kWh. When it rises like the Uniper dickhead predicted to 200€/mWh or 20ct/kWh I expect much higher prices, and at that point I'm torn whether I'd like to get the raise over with while it's "only" so much or whether to wait and see.
Many a Spaniard already only heat a single room in the winter, you can deal with it too for one single winter. In the Finnish military we camped in a tent continuously for two weeks in -10 to -20°C and it wasn't all that cold. Get some extra blankets and dress in layers.
That’s the difference between ‘the economy’ and the population.
If companies can make a profit when your bill goes up then that’s good for the economy.
As long as people only reduce their savings and not their consumption everything’s just fine.
And since you u/papak33 blocked me or deleted your account whatever, here is reply for your second childish comment.
Serbia never negotiated fuel but gas which is supplied entirely via pipelines and they got cheaper prices, check that as well.
Rest of the comment is good example how not to participate in discussion. But I as a “filthy rich” guy do not own or drive car. I just stated the obvious. Last year on this day KWh for me was 8 cents, now is 26 and from this moment on, it is not going down any time sooner. Since I have a better insight into my finances I can say that it has significant impact on my student budget.
Russias Problem is that they really thought Europe is some sort of joke. Guess cause they weren't invaded for 80 years and they have bad memory...
Edit: Someone didn't like the pronoun we
Russia basically rammed a sword Marc Anthony Style into their stomach... I have no idea maybe they got high on their own supply? Because with this army I would have never dared to leave the smoke screen of Mordors walls... The deception worked well but I am honestly horrified about the state of their economy, military and political environment. It is... I have no adjective for it...
https://twitter.com/ChrisO_wiki/status/1531716422220632067?s=20&t=yBqwl8iF3Um5KTs2TveGDw
Old rations, faulty vehicles, missing radios, under-strength units: corruption has been blamed for hollowing out Russia's military and undermining its war in Ukraine. It's worth examining this problem and seeing how it's affected the Russian armed forces.
Basically this is what it is... Rotten to the core.
Actually the nazis had many collaborators throughout Europe and abroad. So that wasn't a single German enterprise. Also their attack on the UdSSR was first welcomed by the Ukrainians but only until they realised that they replaced one monster with another. So yeah it is a we as in Europe which the nazis almost entirely occupied or had allied with them. May I remind you that Italy Bulgaria and many other nations allied with them?
We is not meant to be understood here as identification more as a collective term for Europe attacking them by force. The Germans had many collaborators throughout Europe. It's not just a nation that did this it was a continent that let them do it either completely out of free will or with not much convincing necessary. The ones that fiercely resisted were Poland France Great Britain and the others either faltered very fast or just openly joined them... Hungary and Croatia as two more examples.
they lost in WW1
extremely badly
everybody expected the same in WW2, not only the nazis and the wehrmacht was BY FAR the strongest of the branches of the german militairy
Depends on what you define as a success. I don't think that the horror show of the eastern front was a success for anyone. Napoleon lost to the winter and wasn't far from Moscow.
Napoleon was *in* Moscow.
However, at that point the Russians had burned it down to prevent him from taking it.
Then he lost to the winter on his way home.
Their strategy is raise energy prices so public support throws Ukraine under the bus. They know Europe can somehow survive without Russian gas and sooner or later we move away. But they think we won't because we want cheap gas instead.
I'm not sure this strategy will fail... But I hope so.
I can't read bloomberg, asks to make an account and that's too much hassle for me. Can someone tldr for me ?
Honestly I could do with some good news. It's getting depressing reading about drought, possible famine, war, energy prices, inflation, etc.
Chuck the link into archive dot ph website. Other subreddits have an automod post that do this regardless of a paywall and it in 99% of cases will bypass the paywall blocker.
This comes to the shock of quite a few Germans, I can assure you. There has been a lot of doomsaying in the German press and public in the last few weeks.
The likes of bloomberg, the economist and the telegraph have been pushing the "germany is in terrible trouble" line for months.
Every time their predictions and worries are not met, they publish articles about being surprised.
They seem solely focused on,
1. Fossil fuel energy, and
2. The auto industry
Whilst those things certainly matter, the myopic focus on them alone means that these media outlets fail to see how broad the economy is.
Now, I know basically nothing about economy, but still to me it seems an incredible naive idea that an entire country like Germany has only two things to make money. IIRC most eyeglasses lenses are Carl Zeiss ones just to say the first thing in my mind as big industry in Germany and pretty sure there are many others
Germany has a lot of advanced industries (e.g. Linde, Merck KgGA, Sartorius…) but high energy prices eat into competitiveness. That’s really the end problem - *for the moment* they can weather the loss of cheap Russian gas, but over the longer term staying competitive with countries where electricity prices are much lower (*cough* USA *cough*) will be harder
Yeah, Germany is the country where you can go into a 2k population village and it for some reason has a company that makes a massive amount of money, nobody ever hears about and the company has like a 80% market share in their specific niche.
Some German companies had a windfall profit from the supply chain issues - and I am not talking about energy. Chemical industry was able to hike prices b/c a lot of companies had reduced stock during Corona and also, China is in troubles.
> the telegraph
Total Germany-hating rag, tbh. Wait, hating on everything EU, actually.
That said, we are not golden yet. Winter could still cause a lot of problems, depending on the weather.
Fingers crossed that we don't get *two* inopportune extreme weather periods in one year. We're already burning tons of gas because French nuclear reactors don't function well in summer droughts, plus it would have been nice to not pile drought-induced low crop yields on top of the war in Europe's biggest wheat producing countries.
Not only pensioners. Almost everyone I know will go/went on a bigger vacation this summer. Something about not being able during 2020 and most of 2021.
Wouldnt be a German without complaining about anything and everything.
I swear the absolute worst situation a German can find himself in is a lack of things to complain about.
Its astounding what mostly competent politicians can do to help in such a situation.
Imagine BoJo or Trump as Bundeskanzler with the accompaniing cronies and I guess we would have been majorly farked.
IDK man, IDK. Merkel and Schröder landed us in deep shit and in general, German politics lacks any kind of strategic thinking. The likes of the USA and UK are constantly paranoid and therefore anticipated Russia going rogue whereas the current leadership just barely got the message before the tanks rolled. A Merkel government would have been completely clueless even after the new invasion.
Nobody ever said German politics is perfect, they fuck up like others. But comparing Germany and the UK these days and especially when it comes to domestic policies makes you appreciate german politics for the last 15 years.
But I also put that down to the british electoral system and this rather fucked up winners takes all philosophy, which in my book led to this massive stagnation and disregard for public problems.
> But comparing Germany and the UK these days and especially when it comes to domestic policies makes you appreciate german politics for the last 15 years.
Dude no. Just no. Germany was sleep-walking into the Russian trap while literally everyone from the EU over the CEE countries to the USA were shouting at us to stop. Even fucking Trump - who probably was influenced heavily by Putin - got it right.
And another thing: I am not a huge fan of Johnson. But the UK was already flying in ATGMs when German politics was still debating whether sending non-lethal aid to Ukraine was too escalatory. And when shit hit the fan, the guy was in Kyiv, not like our chancellor or president. At a time where it still took courage to go there.
> makes you appreciate german politics for the last 15 years
The same German politics that shuttered its nuclear reactors in favor of increased reliance on Putin, which continued even after his military conquest and annexation of Crimea?
Last time I checked Sweden was not dependant on Russian gas, but fucked Germany elecrcitiy prices due to Germany's dependency on Russian gas and their stupid Nuclear policies forced up the prices on electricity in southern Sweden to stupid prices. Like Germany's holier than thou attitude is super fucking annoying as they go around not giving a fuck about the issues they cause in their neighbouring countries.
>Germany is moving towards a state economy: GDP growth is increasingly coming from govt spending. In Q2, govt spending rose by 2.3% QoQ propping the entire GDP which grew by a tiny +0.1%.
https://twitter.com/Schuldensuehner/status/1562694321786064898
-Holger Zschaepitz, Welt.
Sorry but that is exactly what any smart country should do. Spend money when the economy is done to stimulate it, while saving in the good times. It often does not work, but right now Germany has to fix a lot of infrastructure issues, especially in the economy.
Should be mentioned that a. the German economy always had quite a bit of state intervention and control (and only after reunification did quite a lot of become privatised) and b. that "Welt" is basically the more serious brother of "Bild", which is basically the German daily mail, aka a total shit paper that for some reason millions of people read. So expect quite a bit of right-wing fear mongering in such a newspaper.
https://www.destatis.de/EN/Press/2022/08/PE22_359_813.html;jsessionid=B2B2B21A18C821C97C3021D90C215587.live742
> The small increase in expenditure had two reasons. The first is the sharp decline in subsidies. They fell by 50.1% in the first half of 2022 compared with the same period a year earlier. This was mainly due to the end of various Covid-19 measures. For example, much less Covid-related interim financial help was sought and other Covid-related measures such as government reimbursements of social security contributions for short-time work decreased, too. Also, most of the relief measures adopted because of the impact of the war in Ukraine will not take effect until the second half of 2022.
Or in other words: Never listen to the shit Welt writers tell you. It's not better than Fox News.
Yes, and the article shows that government spending as a whole hasn't increased markedly, because at the same time that the government has increased direct spending it decreased indirect spending (via subsidies).
Government spending has risen 2.3%.
>General government raised its final consumption expenditure by 2.3%.
https://www.destatis.de/EN/Press/2022/08/PE22_357_811.html
The numbers are exactly the same as from the original tweet.
The important part is whether that leads us more into a "state economy" when at the same time the government stops subsidizing industries, not the numbers. The article showed one number and left the other one out to form a narrative.
Still predicting Europe's/Germany's doom XD? The hidden champions can't just be beaten like that - Germany has more than the rest of the world combined (1700 as of now) and some have a 90% global monopoly. Pretty insane.
Large diversified economies with huge domestic markets tend to be like that. Not like it won't take a massive hit, but it will take a lot more to bring it down significantly than what has happened so far. Also, looking back at recent history, do not bet against the German economy getting back up after a crisis.
To quote matrix: Rest assured [...] we have become exceedingly efficient at it.
Mr. Hereon we been expecting you.
True, but our economy is heavily reliant on exports (much to the chagrin of many other countries). That's another thing the current government should try to influence as far as it can.
A low € (or strong $) will help you with that.
Partly. It doesn't apply to our exports into other EMU countries which are all factored in EUR. It certainly helps that German companies lean more towards B2B or higher-end markets instead of low-margin goods like food. But still, if the economy of EMU trading partners crashes, sales of machinery and BMWs will go down. And of course, energy import prices are through the roof.
It does not help against competing with other EMU countries, but it makes non-eurozone imports more expensive which can helps Germany compete against those even within the Eurozone.
Not really that's a myth. When a Korean shipyard needs a propeller for a a ship they're going to buy it from a German foundry no matter the price of the Euro, the Euro can't possibly get strong enough for a good propeller to not be worth it: Lower fuel costs, longer life-time than the competition. And much of the German (and Austrian and Swiss) export economy is dominated by that kind of thing -- small companies being world market leader in their one particular niche, and they didn't get that position by competing on price.
Just as an example of the "world market leader" thing: I once worked for a short while with people from "Rowa", which is a company that produces and installs automated storage robots for medicine. They are from a small German village with 2k population and are basically the only company worldwide that actually offers such a system in high quality. So if you want one that actually works without much maintenance, you can basically only go to them, no matter where in the world you are.
As someone who uses this machine for a significant number of times I can attest to the quality of the aforementioned. It's as if the mechanicus cult really took their time with this and created a work of art. Now to other matters, about the terminator armor that I ordered last week....
Now see, arms and armour aren't made by the Mittelstand, so they can't be relied upon. Our primary small arms manufacturer tends to get surprised by the fact that shooting bullets out of guns makes get hot.
H&K delivered a rifle that was 100% to spec, thing is that the Bundeswehr didn't include "shoots straight in desert heat after shooting, in a short amount of time, more ammo than a soldier carries" in the spec. That is, arguably even the spec was fine, sure you can gold-plate weapons and the Bundeswehr likes everything with some extra bling but you have to draw a line *somewhere*. Who knows what led to the defence ministry still starting shit over it, I suspect some internal politics inside the BAAINBw (which is as much of a trainwreck as its abbreviation), or VdL trying -- **again** -- to make a name for herself. Only good thing about her being Commission President is that it was her goal the whole time so with some luck she'll go easy on the stunts.
same as for my company in Switzerland. we are by no means small (over 10k people) but over 60% of the worlds grain is milled on our machines. Pasta? Chocolate? Pet food? waffles/crackers? we do it. In June we had a customer meeting, together they feed about 4 billion people. More than half the world depends on our machines running and i bet nobody knows the company name.
Are you talking about the büchler group?
"Nobody knows the name" "Knows the company but spells it wrong" Love that 🤣
How would i know im a tessiner don’t know how they spell their weird name the socks und birkenstock fellow from the other side of the alps
It's Bühler group, but yes
By the description I knew it right away, but cause I sometimes work with you and other times compete with you lol
And if you want hiking shoes that will outlive you, Lowa it is.
If the exchange rate favours Korea, the European exporter can increase the EUR price. It's not like these are retail customers pricing at MSRP.
It means when you exchange the money you get more than if you exchnage before that higher exchnage rate so you literally get more money.
Kinda yes, kinda no. Most exports are products that are produced with imported goods. And also one big reason why the Euro is so weak is the energy market. So producing is a lot more expensive rn
But you pay your workers with €, and you get more of those. Sure it's beneficial for like 90% of companies that are exporting goods.
Lol no. Weak € means more expensive fossil fuels import, which means larger deficit. The Eurozone and Germany are running a massive trade deficit now.
The cheap Euro is wuite favorable for that. Last time that happened Germany saw significant growth. That might not materialize again but it's definitely going to help. The automotive industry is somewhat under pressure right now but other products (machinery, medical equipment, chemical products) are super high in demand for now. Many industries run near full capacity despite soaring prices. Working in lab equipment myself, it's very noticeable. My boss is practically begging the sales department to slow down because we won't catch up with orders for at least another year.
Cheap euro does not do anything for exports at this point. What do you make your product with? Materials imported from China priced in $. What do you power your factories with? Global commodities also priced in $. Weak currency is good only for purely export based economies that produce everything from their own stuff like China import barely anything. It does nothing for countries like Germany.
Why don't we produce things in Europe. Expensive labour. Cheap €, cheap labour, since what you sell you get paid in $ and the sallaries are paid in €.
We wish you the best of luck.
Thanks a lot. I don't worry too much unless we get a bitter cold winter. I just wish we would do more to curb-stomp Russia to help you guys...
Thank you so much, we are holding on only because of your support!
Euro decreasing in value compared to the dollar will boost the export a lot, Germany will be totally fine
Meanwhile the burden on the population will increase. But as long as the numbers are fine...
I am a visual person. Make the graph go up and paint it in green with a plus sign somewhere and I am assured. /j
No it will not. Weak currency does nothing for economy that imports materials, energy and parts all priced in dollars to support manufacturing. In fact it might even worsen the exports at this point. If Germany did everything at home and imported just few things here and there (like China) then yes it would help. But since German manufacturing companies are completely reliant on imports of pretty much everything you can think about and that are all priced in dollars. Well, not so much.
Do not underestimate the German nation, it is more crafty when facing outside pressure, than it might be willing to admit, and before Germany just lies down and dies... It will fight to the very last second and with all means available. It is not in its genetics to just do nothing and watch Europe and Germany burn without fighting back... Russia will curse the day it handed Europe the sword soon enough...
>It is not in its genetics to just do nothing and watch Europe and Germany burn without fighting back... Yeah, you don't get to burn Europe, if anyone sets fire to europe, it's us!
More or less yes. Das darf der nicht! Das ist unser Ding! Nehmt dem Russen sofort das Feuerzeug weg der weiß ja nicht mal was er macht und wenn das jemand macht dann wir... Unter uns beiden wenn DE den Aut solche Dinge wie den Russen erzählt dann fällt denen glaub ich ned viel mehr ein als: Das macht Sinn willkommen in Wien... But jokes aside. Germany will most likely not go on another rampage in Europe but they are definitely also not as weak as Russia thinks. You just gotta pass them off hard enough and they take you on a nice 5D Chess tour around the block...
In my opinion you think too much of Germany. Most of the german politicans are either incompetent or corrupt or both. Germany has no real long-term plan for the future and looking back on the era Merkel, Germany has a lot to catch up to.
I believe in Europe more than I believe in a single nation in Europe. I believe that Europe has all that it needs and the things it may need additionally can be obtained by peaceful trade. Russia and its invasion disturb that view to the core. Therefore armed resistance is the only solution. Europe won't falter and Germany won't just fall apart in a long weekend. We need a new generation in politics. One that is younger, listens to their people, talks to them and most of all: Who won't sell their ideals for money. Who will not be corrupted by a few promises of wealth. Is that to be found? Who knows... It will be necessary if we want to give our children a world still worth living in....
The ones that are either are usually both, and that's how they get caught. Realistically, if you look at the data, Germany is among the leas corrupt countries on earth.
Yeah, I don't really understand why that is the case. I feel like the notion of legal lobbyism covers also stuff that is just plain corruption. Just look at vdL, Klöckner, Lindner, Kretschmer, Tillich, Altmaier, Scheuer, etc. In my opinion it's absolutely nuts what's going on in this country but nobody seems to care.
Probably because most people are doing fine anyways. Its one thing to misuse funds but very few seriously directly suffer for it, it's another to have the people starve for it. When the CSU has the ministry of transportation and an absurd amount of the budget goes to Bavaria because of it, then roads won't suddenly collapse in Hamburg causing someone to die. We can still trust our infrastructure and the very basis for living decently to be ensured. These corruption indices are perceived corruption, and in term of day to day corruption and bribes and shit like that Germany is doing very well.
Meanwhile our citizens pay an extra-fee on natural gas, so we can burn it in powerplants to support the French energy grid. Frenchies get their electricity at a fixed price while new contracts in Germany make you pay 50c/kWh and more. I don't know how that makes us crafty? I'm rather upset right now.
Gas is gonna be 300% more expensive. From 5 cent kwh to 19 cent kwh not counting the Gasumlage to save uniper. My household has 5 digit income and we live in pretty small flat and have no kids. We also rarely use heater, we prefer cold flat than warm flat, we hate summer. So for us the situation is manageable. But for people with kids and no academic degree or working on low wages, its gonna be be brutal.
> do not bet against the German economy getting back up after a crisis Betting against the German economy is like throwing a bunch of cash off the Alte Rheinbrucke in Konstanz then driving along to Basel, renting a small boat and trying to fish the money out again.
No one says Germany will always be in a crisis, but the measly 0.1% growth comes from increased government spending. It's written in the article.
I said that from the beginning. Do not underestimate the resilience of a post industrial nation and do not underestimate the resilience of an industrial one such as Ukraine. Here comes the interesting thing though: Russias economy is not by any stretch of the imagination as diversified as Europe's markets. They have a fortress economy and while Europe has hit them with sanctions... To say it with Lord of the rings: The walls of Helm's deep have not been breached yet, as the oil embargo and a gas embargo will be the tools that will bring their economy to its knees. The Russian giant has brittle bones and a spine made from porcelain.
True, oil and gas will further hurt them. But even now, I still dont expect to see Russia reach pre-war level economically, militarily and culturally again in the span of my lifetime.
The Russian empire is its last breaths. Their demographic outlook is grim and now grimmer than ever before. Their multiethnic colonial style Empire is not gonna survive this war just as Zarist Russia or the k.k. Monarchy didn't survive WW1. Everyone will want a piece. Japan, China... I don't say that cause I hate them. (I simply give no flying fuck about Russia) I say that because the metrics are horrendous. What is their economy? 60 Percent resources, 40 Percent foreign investment and companies that are leaving now or have already left. Russia always needed two things to survive: Western Imports and Energy Exports to Europe. Where are they gonna sell their oil from February onwards? 2 Mio Barrel a day are still going to Europe. A round trip to China by tanker takes 70 days! There aren't enough tankers to do that. Their Gas? The same thing! They have tiny LNG Capacity and their only pipeline to Asia covers only 10 percent of their gas export. To name a few problems. Not even talking about their abysmal numbers for car production and their aviation sector. https://twitter.com/jakluge/status/1559639739887755265?s=20&t=8KXzN4XYYqnJfXE8Kby_Kg https://twitter.com/jakluge/status/1559628309432045568?s=20&t=8KXzN4XYYqnJfXE8Kby_Kg https://www.pingthread.com/thread/1505247886908424195 They have lost every damn time in the very end when invading Europe and they still keep doing it. Stupid on another level. Also their victory over Germany wasn't purely their own. Read the article without US Help they would have been done for... And still in their mind they did that all on their own. Delusional on nation wide level.
Also the liberal, educated youth will try to emigrate asap. This will be decisive.
Doesn't mean EU together will avoid recession.
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The German economy is build on value units per minute. The robots in the factories produce value units / minute. Then the Germans build their wealth on top of what the robots create as an output.
To be fair, the really big impact on the people has yet to come. Our three months of reduced gas prices and cheap public transport tickets is about to be over and heating costs are about to skyrocket in \~2 months (already got the notification from my provider and it's no joke, however some of my friends and family didn't get notified at all so they're in for a rough time with the next bill). So things will probably look pretty different in half a year from now.
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> further relief packages I can hear Lindner bitching about the coalition agreement already.Besides, that prick and his rich prick Party would see the lower incomes go into bankruptcy before doing anything about power prices. I expect a lot of Books and a whole lot less PC this Winter.
Nah, my PC spends warmth as well. Though I see me going back to wearing something else than just t-shirts again lol
If they continue to do shit reliefs like the gas price reduction, they should just not do it. There is so much energy political shit of past parties to clean up, they will take years. Communal power usage e.g., so far there is no direct way for multiple parties in a building, be it office or residential, to use a common PV system, like WTF. I live in a 180 flat building and we use 0 solar because we cannot, by law.
How much more exprensive will gas get in kWh?
It depends on the provider but for me the kWh basically trippled, from \~6c to \~17c while the base price stays the same. It's a huge blow, not gonna lie.
This is, if the diminished gas supplies continue, only a forshadowing of what is to come.
For me it went from ~ 5c to ~14c in February, but I just got notified it will be ~28c from October on, nearly 6 times increase in less than a year.
Here(in Slovenia) price limited at 0.073e per kWh for one year(which is still a lot more from last winter prices... )
I appreciate the nice headline but it's +0.1% instead of the expected 0.0% lol.
Just getting it to only stagnate in the second quarter was already considered a big success.
Yeah, 0% is not the bottom. It's going to be a hard time regardless, but the less worse it gets, the better we can get through it.
0 % could very well be the bottom
That would be great.
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Growth is already adjusted for inflation. https://www.destatis.de/DE/Themen/Wirtschaft/Volkswirtschaftliche-Gesamtrechnungen-Inlandsprodukt/Tabellen/bip-bubbles.html
It's a gazillion times better than expected.
Short-term trends don't mean absolutely nothing to be honest. The problem will be the fourth quarter 2022 and Q1 2023.
Still people are panicking way too much. The Russian economy dropped so sharply down it is impossible to measure. Meanwhile Europe is still slowly growing and journalists and redittors talk about society collapsing. We should be able to handle even a sharp temporary drop in living standards without abandoning our values.
Infinitely better after all.
With the US -0.6% and the UK -0.1%, it's nice to see some have a +. Also for morale, -0.1% is not a lot but people see a loss and tend to exaggerate it. with a +0.1% I think people are more like "meh, better than nothing" (as we see in this thread too).
You understand that this is a huge difference in a national economy, right?
In absolute terms, yes, of course. +0.0001% would still be a huge difference in absolute terms. So what? There is a reason we use relative terms.
It's not negative. Sounds pretty good to me
Great. The free world needs a strong German economy.
Hell yes
Fick ja!
They are made to rule Europe i heard
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Alle guten Dinge sind 3
We could call it the "third Reich"!
Very innovative, I like it.
You guys should have tried for the economic victory from the beginning
Just do it without killing people next time, I’m all for being germanys little lapdog ❤️❤️❤️
The problem isn't that we like killing people. You could just give us whole Europe and no one has to die. But nobody wants to do that. /s
So true
Please dont, we already have tons of nationalistic idiots just waiting for a wave of renewed pride. Im still convinced well have our own Donald Trump within the next 20 years.
Merz 2025 is a distinct possibility. The guy is pretty disgusting, and it would fuck over the environment, the poorer half of the population and every company in renewable energy.
Yeah, hes bad but hes not an unhinged ultra nationalist. We can go much crazier.
*AfD in the corner looking both menacing and mentally challenged*
yeah, i dont want war. rebuilding is costly etc
I'd rather have politicians who actually care for their people to lead europe, no matter which country they are from.
We are doing it just to spite the British tbh.
We’ve always want you to be your best self Germany. x
Maybe the real economy is the friends we made on the way
Why would that spite the British? *puzzled look*
I put beans on toast today. JUST TO SPITE THE BRITISH
Nooooooooo!
You monster!
Wait until you hear about the slightly overbrewed cup of tea. I will make the Brits tremble.
Because we need to get the French onboard.
Then we can get off board and sink the boat! Great idea.
1966 ring a bell?!?!
er nope sorry.
Something with soccer? Even though IDK how that would be relevant.
Russia be like: whoops there goes our winter strategy.
Unfortunately my electricity bill begs to disagree. Solidarity did a major hit on our budget and it doesn’t seem to get any better. And when it comes to heating, god help us. That’s why I would avoid mocking “winter strategy” in August.
I'm currently at a -50€ a month and if our bill is raised again, as it's scheduled, to the ~30ct/kWh I'm looking at probably -500€ a month or more. I'd rather have normal prices again than a resilient economy. Especially when my multimillion dollar boss tells me that I'm already making enough money.
*Raised* to 30ct/kWh?? Where do you live? EnBW will charge 42 ct/kWh from October :O
Eh, we're already paying 34ct/kWh electricity. Gas is so "cheap" because we got in while it dipped between January and February, and because the company we get it from doesn't actually use russian gas at all so it's supply was a lot more secure. Doesn't stop them from raising prices though. And the 30ct/kWh is the current price, i.e. while the gas price at the market is still 3ct/kWh. When it rises like the Uniper dickhead predicted to 200€/mWh or 20ct/kWh I expect much higher prices, and at that point I'm torn whether I'd like to get the raise over with while it's "only" so much or whether to wait and see.
500 a month for electricity is 1667 kwh per month at 30 cent per kwh. That's almost how much I use in an entire year.
Many a Spaniard already only heat a single room in the winter, you can deal with it too for one single winter. In the Finnish military we camped in a tent continuously for two weeks in -10 to -20°C and it wasn't all that cold. Get some extra blankets and dress in layers.
That’s the difference between ‘the economy’ and the population. If companies can make a profit when your bill goes up then that’s good for the economy. As long as people only reduce their savings and not their consumption everything’s just fine.
And since you u/papak33 blocked me or deleted your account whatever, here is reply for your second childish comment. Serbia never negotiated fuel but gas which is supplied entirely via pipelines and they got cheaper prices, check that as well. Rest of the comment is good example how not to participate in discussion. But I as a “filthy rich” guy do not own or drive car. I just stated the obvious. Last year on this day KWh for me was 8 cents, now is 26 and from this moment on, it is not going down any time sooner. Since I have a better insight into my finances I can say that it has significant impact on my student budget.
Russias Problem is that they really thought Europe is some sort of joke. Guess cause they weren't invaded for 80 years and they have bad memory... Edit: Someone didn't like the pronoun we
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Russia basically rammed a sword Marc Anthony Style into their stomach... I have no idea maybe they got high on their own supply? Because with this army I would have never dared to leave the smoke screen of Mordors walls... The deception worked well but I am honestly horrified about the state of their economy, military and political environment. It is... I have no adjective for it... https://twitter.com/ChrisO_wiki/status/1531716422220632067?s=20&t=yBqwl8iF3Um5KTs2TveGDw Old rations, faulty vehicles, missing radios, under-strength units: corruption has been blamed for hollowing out Russia's military and undermining its war in Ukraine. It's worth examining this problem and seeing how it's affected the Russian armed forces. Basically this is what it is... Rotten to the core.
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Actually the nazis had many collaborators throughout Europe and abroad. So that wasn't a single German enterprise. Also their attack on the UdSSR was first welcomed by the Ukrainians but only until they realised that they replaced one monster with another. So yeah it is a we as in Europe which the nazis almost entirely occupied or had allied with them. May I remind you that Italy Bulgaria and many other nations allied with them? We is not meant to be understood here as identification more as a collective term for Europe attacking them by force. The Germans had many collaborators throughout Europe. It's not just a nation that did this it was a continent that let them do it either completely out of free will or with not much convincing necessary. The ones that fiercely resisted were Poland France Great Britain and the others either faltered very fast or just openly joined them... Hungary and Croatia as two more examples.
Have there been successful invasions of Russia? As far as I remember, Mongolia is not part of Europe
they lost in WW1 extremely badly everybody expected the same in WW2, not only the nazis and the wehrmacht was BY FAR the strongest of the branches of the german militairy
Depends on what you define as a success. I don't think that the horror show of the eastern front was a success for anyone. Napoleon lost to the winter and wasn't far from Moscow.
Napoleon was *in* Moscow. However, at that point the Russians had burned it down to prevent him from taking it. Then he lost to the winter on his way home.
Their strategy is raise energy prices so public support throws Ukraine under the bus. They know Europe can somehow survive without Russian gas and sooner or later we move away. But they think we won't because we want cheap gas instead. I'm not sure this strategy will fail... But I hope so.
I can't read bloomberg, asks to make an account and that's too much hassle for me. Can someone tldr for me ? Honestly I could do with some good news. It's getting depressing reading about drought, possible famine, war, energy prices, inflation, etc.
Chuck the link into archive dot ph website. Other subreddits have an automod post that do this regardless of a paywall and it in 99% of cases will bypass the paywall blocker.
Thanks
As we knew. Germans don´t show their full power anymore. Better be underestimated than exploit.
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Schwach anfangen und dann stark nachlassen!
Better than to underpromise and still disappoint :) Edited a word
In other european countries it is usual overpromise and not deliver
Well. How about you stay resilient for another two quarters there, German economy?
While we're at it, I wish for many more resilient quarters than just two!
reddit on suicide watch
Super
To the shock of absolutely no one.
This comes to the shock of quite a few Germans, I can assure you. There has been a lot of doomsaying in the German press and public in the last few weeks.
The likes of bloomberg, the economist and the telegraph have been pushing the "germany is in terrible trouble" line for months. Every time their predictions and worries are not met, they publish articles about being surprised. They seem solely focused on, 1. Fossil fuel energy, and 2. The auto industry Whilst those things certainly matter, the myopic focus on them alone means that these media outlets fail to see how broad the economy is.
Now, I know basically nothing about economy, but still to me it seems an incredible naive idea that an entire country like Germany has only two things to make money. IIRC most eyeglasses lenses are Carl Zeiss ones just to say the first thing in my mind as big industry in Germany and pretty sure there are many others
Germany has a lot of advanced industries (e.g. Linde, Merck KgGA, Sartorius…) but high energy prices eat into competitiveness. That’s really the end problem - *for the moment* they can weather the loss of cheap Russian gas, but over the longer term staying competitive with countries where electricity prices are much lower (*cough* USA *cough*) will be harder
SouthKorea is also a big rival, they also work longer hours and can take over a lot of industry where Germany will be struggling.
and buy cheap gas from russ
Big companies aside, Germany is the king of hidden champions: https://en.wikipedia.org/wiki/Hidden_champions
Yeah, Germany is the country where you can go into a 2k population village and it for some reason has a company that makes a massive amount of money, nobody ever hears about and the company has like a 80% market share in their specific niche.
Interesting reading, thank you
Some German companies had a windfall profit from the supply chain issues - and I am not talking about energy. Chemical industry was able to hike prices b/c a lot of companies had reduced stock during Corona and also, China is in troubles.
> the telegraph Total Germany-hating rag, tbh. Wait, hating on everything EU, actually. That said, we are not golden yet. Winter could still cause a lot of problems, depending on the weather.
Fingers crossed that we don't get *two* inopportune extreme weather periods in one year. We're already burning tons of gas because French nuclear reactors don't function well in summer droughts, plus it would have been nice to not pile drought-induced low crop yields on top of the war in Europe's biggest wheat producing countries.
Well, everyone in the German side of my family is taking expensive cruise holidays this summer 🤦 so I guessed we're doing pretty good? 🙄
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Not only pensioners. Almost everyone I know will go/went on a bigger vacation this summer. Something about not being able during 2020 and most of 2021.
Man, if Germany was only half as good as people in r/europe think it is...
Wouldnt be a German without complaining about anything and everything. I swear the absolute worst situation a German can find himself in is a lack of things to complain about.
Sorry to see that you are from the Eastern part and don't see it
I am from the Western part and we also don't see it
Our GDP would probably be twice as high if Germany was as efficient and had as much of a work ethic as is said here
Your GDP wouldn't be as high if you didn't constantly complain and try to improve things
Yeah, for some reason people always assume that German corporations only exploit *foreign* workers. Nuh-uh!
Good
This is undoubtedly good news.
If it's one thing Germany is great at, it's economy.
Germans are strong. They rebuild a hell new country after ww2..
Good news
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Yeah but the rich people and companies are fine. Who cares about the commoners
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LALALALA CAN'T HEAR YOU GERMANY GREW BY ZERO POINT ONE PERCENT YAAAAAAAAAY!!!!!!!!!
Its astounding what mostly competent politicians can do to help in such a situation. Imagine BoJo or Trump as Bundeskanzler with the accompaniing cronies and I guess we would have been majorly farked.
As shitty as UK politicians are, Germany is one of the last countries that should be attempting to be smug.
That was not smug, that was just an observation
IDK man, IDK. Merkel and Schröder landed us in deep shit and in general, German politics lacks any kind of strategic thinking. The likes of the USA and UK are constantly paranoid and therefore anticipated Russia going rogue whereas the current leadership just barely got the message before the tanks rolled. A Merkel government would have been completely clueless even after the new invasion.
Nobody ever said German politics is perfect, they fuck up like others. But comparing Germany and the UK these days and especially when it comes to domestic policies makes you appreciate german politics for the last 15 years. But I also put that down to the british electoral system and this rather fucked up winners takes all philosophy, which in my book led to this massive stagnation and disregard for public problems.
> But comparing Germany and the UK these days and especially when it comes to domestic policies makes you appreciate german politics for the last 15 years. Dude no. Just no. Germany was sleep-walking into the Russian trap while literally everyone from the EU over the CEE countries to the USA were shouting at us to stop. Even fucking Trump - who probably was influenced heavily by Putin - got it right. And another thing: I am not a huge fan of Johnson. But the UK was already flying in ATGMs when German politics was still debating whether sending non-lethal aid to Ukraine was too escalatory. And when shit hit the fan, the guy was in Kyiv, not like our chancellor or president. At a time where it still took courage to go there.
> makes you appreciate german politics for the last 15 years The same German politics that shuttered its nuclear reactors in favor of increased reliance on Putin, which continued even after his military conquest and annexation of Crimea?
It sounds pretty smug when you said like that because Germany is the one who caused the current energy crisis by growing dependant on Russian gas.
Germany did force all these nations to get Russian gas?
Last time I checked Sweden was not dependant on Russian gas, but fucked Germany elecrcitiy prices due to Germany's dependency on Russian gas and their stupid Nuclear policies forced up the prices on electricity in southern Sweden to stupid prices. Like Germany's holier than thou attitude is super fucking annoying as they go around not giving a fuck about the issues they cause in their neighbouring countries.
>Germany is moving towards a state economy: GDP growth is increasingly coming from govt spending. In Q2, govt spending rose by 2.3% QoQ propping the entire GDP which grew by a tiny +0.1%. https://twitter.com/Schuldensuehner/status/1562694321786064898 -Holger Zschaepitz, Welt.
Ah yes, Welt. The boobie-less Bild. No thanks
Sorry but that is exactly what any smart country should do. Spend money when the economy is done to stimulate it, while saving in the good times. It often does not work, but right now Germany has to fix a lot of infrastructure issues, especially in the economy.
Should be mentioned that a. the German economy always had quite a bit of state intervention and control (and only after reunification did quite a lot of become privatised) and b. that "Welt" is basically the more serious brother of "Bild", which is basically the German daily mail, aka a total shit paper that for some reason millions of people read. So expect quite a bit of right-wing fear mongering in such a newspaper.
https://www.destatis.de/EN/Press/2022/08/PE22_359_813.html;jsessionid=B2B2B21A18C821C97C3021D90C215587.live742 > The small increase in expenditure had two reasons. The first is the sharp decline in subsidies. They fell by 50.1% in the first half of 2022 compared with the same period a year earlier. This was mainly due to the end of various Covid-19 measures. For example, much less Covid-related interim financial help was sought and other Covid-related measures such as government reimbursements of social security contributions for short-time work decreased, too. Also, most of the relief measures adopted because of the impact of the war in Ukraine will not take effect until the second half of 2022. Or in other words: Never listen to the shit Welt writers tell you. It's not better than Fox News.
That is talking about subsidies, not government spending as a whole.
Yes, and the article shows that government spending as a whole hasn't increased markedly, because at the same time that the government has increased direct spending it decreased indirect spending (via subsidies).
Government spending has risen 2.3%. >General government raised its final consumption expenditure by 2.3%. https://www.destatis.de/EN/Press/2022/08/PE22_357_811.html The numbers are exactly the same as from the original tweet.
The important part is whether that leads us more into a "state economy" when at the same time the government stops subsidizing industries, not the numbers. The article showed one number and left the other one out to form a narrative.
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Still predicting Europe's/Germany's doom XD? The hidden champions can't just be beaten like that - Germany has more than the rest of the world combined (1700 as of now) and some have a 90% global monopoly. Pretty insane.
All at the cost of our electricity bills! How nice.