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August 13, 2010    

Germany’s economic growth boosted by exports

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by Kay Murchie

Figures have today revealed Europe’s largest economy grew by a record 2.2% in the second quarter - the fastest quarterly growth in 20 years.

The figures smashed analysts forecasts who had expected growth of around 1%.

Meanwhile, on an annul basis, economic growth soared by 4.1%.

Furthermore, first quarter growth has been revised upwards from 0.2% to 0.5%, the statistics office, Destatis said.

The strong growth was boosted by exports, helped by a weaker euro.

Destatis, said: “Such quarter-on-quarter growth has never been recorded before in reunified Germany,” adding that “the German economy is recovering rapidly.”

Earlier this week, Germany’s federal statistics office reported exports grew 3.8% in June compared with May.

On an annual basis, exports were 29% higher.

Germany had been the world’s largest exporter since 2003 but earlier this year, China took the top spot, pushing Germany into second place.

Export demand helped to bring Germany out of recession in the second quarter of last year – much sooner than many of its counterparts throughout the world.

Economic growth figures for the rest of the euro zone will be released later. Although, it was unveiled yesterday that the Greek economy contracted by 1.5% in the second quarter – suggesting the country’s recession is far worse than originally anticipated.

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