German ministry warns of subdued foreign trade in coming months
Adds minister comments and further details from paragraph 3
BERLIN, Aug 14 (Reuters) -Development of Germany's foreign trade business is likely to remain subdued for the foreseeable future, the economy ministry said in its monthly report, published on Wednesday.
"The latest data on exports of goods and services are once again disappointing and the early indicators for German foreign business are also largely subdued," it said.
The weakness of the German economy is more persistent than initially expected, German Economy Minister Robert Habeck said.
The German economy unexpectedly contracted in the second quarter, sparking recession fears again and showing the continuing struggles of the euro zone's biggest economy.
As an export-oriented economy, Germany is deeply affected by the economic weakness of its second most important trading partner, China, Habeck said.
Other problems are a lack of investment in infrastructure and a late response to the shortage of skilled workers, Habeck said. "All of this is now having an impact and cannot be resolved with a snap of the fingers," he added.
In July, the government presented an economic package that is expected to bolster the anemic economy, leading to extra growth of more than half a percentage point in 2025, according to government estimates.
Habeck said he expects a rapid implementation of the measures included in the economic package.
Reporting by Christian Kraemer, writing by Rachel More and Maria Martinez, editing by Kirsti Knolle
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