Germany posts record second quarter growth: statistics

13th August 2010, Comments 0 comments

A global economic recovery pushed German quarterly growth to a record 2.2 percent in the second quarter of the year, data released Friday by the national statistics office showed.

Elsewhere, major economies in North America and Asia showed signs of slowing down however.

Business activity in Germany, the biggest economy in Europe, thundered ahead owing to sustained growth in exports that allowed the Destatis office to also revise first quarter growth higher to 0.5 percent.

It had initially been estimated at 0.2 percent.

"Reunified Germany has never seen such quarterly growth before," a Destatis statement said in reference to the second-quarter figure.

On an annualised basis, the economy grew by 4.4 percent in the quarter it added, an eye watering figure for western Europe.

Analysts polled by Dow Jones Newswires had forecast a quarterly rise of 1.4 percent and an annualised gain of 2.6 percent.

The record figure is even more notable as fears grow that the United States and now China, the Asian powerhouse, are showing distinct signs of slowing, raising questions about the overall global recovery.

While Germany normally relies on exports to underpin growth -- it is the second biggest exporter worldwide after China -- "household and government final consumption expenditure contributed to GDP (gross domestic product) growth, too," Destatis said.

© 2010 AFP

0 Comments To This Article