The German statistics agency released sectoral GDP growth data for 2012Q2:
The large fall in gross capital formation is striking, while household final consumption growth stalled to 0.8% compared with 1.7% during 2011 and 2012Q1. Exports were quite strong although the imports growth was low (especially compared with 2011 figures. Imports are now probably only fueled by export needs than domestic demand.
Taking a look at growth contributions, consumption is back to 2009 levels while the gross capital formation drop led to domestic demand being negative by -0.6%. The worrying part is that the main driver of the drop in investment was the change in invetories of -0.9%, a figure larger than 2009. That can only point to a large risk of negative GDP readings in 2012Q3 when production and investment adjusts to large inventories. The major positive force was net exports with a 1.1% contribution (making the GDP growth positive). Since a large part is attributed to lower imports (which are driven by weak domestic demand) and the global macro outlook (especially in China) is negative, the foreign sector will probably not be able to support German in the second half of 2012.