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Rediff.com  » Business » Germany records fastest growth in 20 yrs

Germany records fastest growth in 20 yrs

Source: PTI
August 13, 2010 17:50 IST
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Germany grew by a stunning 2.2 per cent in the three months ended June, recording its fastest quarterly expansion in more than 20 years.

The robust growth is one of the strong indications yet that economic activities in debt-crisis Europe is picking up.

Data released on Friday by Germany's Federal Statistical Office--Destatis--said the national GDP rose by 2.2 per cent in the second quarter of 2010 compared to that of the previous quarter, based on "price, seasonal and calendar adjustment".

"Such a quarter-on-quarter growth has never been recorded before in reunified Germany," Destatis noted.

The encouraging second-quarter growth came on the back of better domestic and foreign demand as well as positive contribution from foreign trade.

"Household and government final consumption expenditure contributed to the GDP growth," the statement said.

Moreover, the country's first quarter growth figure has now been revised upwards to 0.5 per cent.

German economy, severely hit by the global financial meltdown, has been on the recovery path in the past few quarters even as Europe is grappling with acute debt crisis, which is threatening to derail the fragile global economic recovery.

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