Core Insights - Indonesia's GDP grew by 5.12% year-on-year in Q2 2025, reaching 5,947 trillion Indonesian Rupiah at current prices [1] - The agriculture, forestry, and fisheries sectors experienced the highest production growth at 13.53% [1] - Government final consumption expenditure saw a significant increase of 21.05% [1] Economic Contributions - Java Island provinces remain the main economic drivers, with a year-on-year growth rate of 5.24% and contributing 56.94% to the national GDP [1]

汉堡商业银行首席经济学家赛勒斯·德拉鲁比亚评论称，这一走势可视为德国经济韧性的体现。毕竟， 美国关税、地缘政治不确定性以及相对较高的长期利率等不利因素依然存在。(完) 来源：中国新闻网 编辑：熊思怡 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 德国二季度经济萎缩0.3% 中新社柏林8月22日电(记者 马秀秀)德国联邦统计局22日公布的数据显示，经价格、季节和工作日调 整，2025年德国第二季度国内生产总值(GDP)环比下降0.3%，较此前公布的初步数据向下修正0.2个百分 点。 联邦统计局在解释修正原因时指出，第二季度制造业和建筑业产出明显不及预期。尽管私人和政府消费 支出有所增加，但固定资产投资、商品和服务出口出现下滑。其中，美国多变的贸易政策导致德国二季 度商品出口下降0.6%。 德国央行21日发布的月度报告称，全球贸易前景黯淡、订单状况依旧疲弱、现有产能利用率不足，可能 继续抑制企业投资活动。建筑业预计也难以对经济提供明显支撑。此外，就业市场前景不佳、工资增长 放缓，亦在限制私人消费。该行预计，第三季度德国经济将停滞不前。 不过，分析人士指出，在整体悲观预期之下，仍有积极信号显 ...

Group 1 - The core point of the articles highlights a significant increase in new residential construction in the U.S., with July's new housing starts reaching a five-month high, driven by the strongest multi-family housing construction in over two years [1] - In July, the annualized month-on-month increase in new housing starts was 5.2%, surpassing market expectations of a decline of 1.7% and the previous value of 4.6% [1] - The total annualized new housing starts in July reached 1.428 million units, exceeding market expectations of 1.29 million units and the prior figure of 1.321 million units [1] Group 2 - Multi-family housing starts saw a nearly 10% increase, marking the fastest growth rate since mid-2023, while single-family housing starts rose by 2.8%, totaling 939,000 units [1] - Despite the rise in new housing starts, builders have become more cautious over the past two years due to doubled mortgage rates, which have suppressed demand and led to the highest new home supply levels since 2007 [1] - The number of single-family homes under construction fell to the lowest level since February 2021, with builders signaling a slowdown in speculative housing construction [1] Group 3 - The new housing start data will assist economists in adjusting third-quarter GDP forecasts, as prior to the report, residential investment was not seen as a contributor to economic growth by the Atlanta Fed's GDPNow [2] - Building permits, a leading indicator for future construction, declined by 2.8% in July, with an annualized total of 1.35 million units, the lowest since June 2020 [2] - Single-family permits increased for the first time since February, while multi-family project permits decreased [2]

Core Insights - The national GDP for Q2 2025 is reported at 660,536 billion yuan, with a year-on-year growth of 5.3% at constant prices [1] - The value added by the three major industries in Q2 2025 is 31,172 billion yuan for the primary industry, 239,050 billion yuan for the secondary industry, and 390,314 billion yuan for the tertiary industry, accounting for 4.7%, 36.2%, and 59.1% of GDP respectively [1] - The per capita GDP for Q2 2025 is 47,000 yuan, an increase of 310 yuan compared to the same period last year, with the three major industries showing year-on-year growth rates of 3.7%, 5.3%, and 5.5% respectively at constant prices [1]

Core Viewpoint - Japan's GDP for the April to June period shows a seasonally adjusted growth of 0.3% quarter-on-quarter, translating to an annualized growth rate of 1.0%, marking five consecutive quarters of growth [2][5]. Group 1: Economic Indicators - The actual GDP growth exceeded the median forecast of 0.3%, with personal consumption contributing to a 0.2% increase, consistent with the previous quarter [4]. - Equipment investment rose by 1.3%, particularly in software, while public investment decreased by 0.5% and government consumption remained flat [4]. - Exports grew by 2.0%, driven by increases in electronic components and equipment, while imports rose by 0.6%, primarily due to higher oil and natural gas imports [4]. Group 2: Contributions to GDP Growth - Domestic demand contributed negatively by 0.1 percentage points, marking a return to negative contributions after two quarters, largely due to inventory effects [5]. - External demand contributed positively by 0.3 percentage points, indicating a stronger performance in exports compared to imports [5]. - The revised GDP growth for January to March was adjusted to a positive 0.1%, transitioning from a previously reported negative growth [5].

Core Insights - Significant downward revision of employment growth and adjustments in the Consumer Price Index (CPI) calculation methods have raised questions about the reliability of official statistics [5][6][19] - Bank of America (BofA) maintains that these data remain reliable but advises caution regarding initial employment figures [6][11] - Alternative data cannot replace official statistics but can provide a reasonable check on the data [7][24] Employment Data - The recent downward revision of 258,000 jobs for May and June is the largest adjustment outside of the pandemic period [8][11] - BofA suggests evaluating these revisions in terms of both absolute numbers and their proportion of total employment, indicating that the latest adjustments, while significant, are not as abnormal when viewed in context [11][12] - The response rate for surveys has declined, which may lead to larger-than-normal revisions, but the revisions typically fall within a 90% confidence interval [13][14][16] Consumer Price Index (CPI) - The increase in imputed data within the CPI is a concern, but BofA believes there is no immediate cause for alarm [20][21] - The Bureau of Labor Statistics (BLS) has had to rely more on imputed prices due to reduced data collection, which could potentially distort inflation readings [20][21] - BofA's analysis indicates that the reduction in CPI sample collection has not significantly impacted overall CPI changes, with discrepancies being less than 1 percentage point [21] Alternative Data Sources - In light of concerns over government data reliability, BofA identifies several alternative data sources, such as Homebase, ADP, and credit card spending data, which can provide insights into labor market conditions and consumer spending [24][26][27] - While these alternative data sources are useful supplements, BofA emphasizes that there is no perfect substitute for official statistics [28] GDP Tracking Adjustments - BofA has revised its second-quarter GDP growth estimate down by 0.1 percentage points to 2.9%, influenced by lower-than-expected construction spending and downward revisions in payroll data [29][30] - The adjustments in GDP tracking reflect changes in employment data, construction spending, and inventory levels, indicating a more cautious economic outlook [29][30]

中新社华盛顿7月30日电 (记者 沙晗汀)美国商务部当地时间30日公布的首次预估数据显示，今年第二季 度美国实际国内生产总值(GDP)环比按年率计算增长3%，高于市场普遍预期。 数据显示，2025年二季度美国经济环比增长3%，扭转了第一季度经济环比萎缩0.5%的局面。 美媒认为，第二季度经济增长主要受进口大幅下降和个人消费支出增加影响。进口大幅下降主要与第一 季度进口大幅增长有关，第一季度企业试图在特朗普政府加征关税政策实施前大量进口外国商品。 经济学家认为，美国经济显示出韧性，当前消费者仍在消费，但消费者对因关税政策带来的不确定性感 到担忧。 美国总统特朗普当天在社交媒体发文称，第二季度经济数据"比预期好太多了"，美国联邦储备委员 会"必须现在降息"，促进民众消费。 从具体环比数据来看，今年二季度，占美国经济总量约70%的个人消费支出增长1.4%；反映企业投资状 况的非住宅类固定资产投资增长1.9%；住宅类固定资产投资下降4.6%；政府消费支出和投资增长 0.4%；出口下降1.8%，进口大幅下降30.3%。 按贡献度计算，个人消费支出拉动当季经济增长0.98个百分点；政府消费支出和投资拉动当季经济增长 0. ...

Core Viewpoint - The Federal Reserve decided to maintain the federal funds rate target range at 4.25% to 4.50%, marking the fifth consecutive meeting this year where rates were held steady, aligning with market expectations [2] Economic Data - The U.S. Bureau of Economic Analysis released an initial estimate indicating that the actual GDP for the second quarter of 2025 is projected to grow at an annual rate of 3.0% [2]

Core Viewpoint - Italy's economy experienced a slight contraction in Q2 2025, with a quarter-on-quarter decline of 0.1%, while year-on-year GDP growth was recorded at 0.4%, down from 0.7% in Q1 2025 [1] Economic Performance - The contraction was primarily driven by a slowdown in agriculture, forestry, fishing, and industrial value added, while the service sector remained stable [1] - Despite positive domestic demand, net exports negatively impacted the economy [1] Future Projections - If the economic growth remains unchanged for the rest of the year, Italy's GDP annual growth rate is projected to be 0.5% [1] - The Italian Minister of Economy and Finance, Giancarlo Giorgetti, stated that the government will maintain its previous GDP growth forecast of 0.6% for the entire year of 2025, despite the slight slowdown in Q2 [1]

德国联邦统计局7月30日公布数据显示，德国第二季度国内生产总值（GDP）经价格、季节和日历因素 调整后，环比下降0.1%，经价格调整后，同比持平，经价格和日历调整后，同比增长0.4%。 ...