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August 15, 2010    

Germany aiming for 3% growth this year

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by Kay Murchie

Europe’s largest economy appears to be optimistic after its recent quarterly growth figures, suggesting it is now hoping for 3% growth in 2010.

Last week, Germany’s statistics office Destatis, revealed the 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 was revised upwards from 0.2% to 0.5%, Destatis said.

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

As a result, the German economy ministry has now suggested the economy will grow by around 3% this year - more than double the previous estimate.

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.

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