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Friday, preliminary estimates released by Federal Statistical Office of Germany revealed that the turnover in the German service sector was down by a nominal 10.6% year-on-year in the second quarter, compared to the 7.6% fall in the previous quarter.
Annual decreases were witnessed across the board in the services sector. Most notably, turnover dropped in the business services and transport & storage services branches in the second quarter, by 12.9% and 11.7%, respectively.
On a quarterly basis, turnover in the second quarter was down by a seasonally and calendar adjusted 1.6%, compared to the 5.8% decrease in the first quarter.
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