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August 19, 2010    

Central Bank lifts German growth forecast to 3%

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by Kay Murchie

Germany’s central bank, the Deutsche Bundesbank, has today lifted its growth forecast for the economy.

The German economy, which is Europe’s largest, is expected to grow by 3% this year - much higher than its previous forecast of 1.9%.

“More than half the decline in production triggered by the crisis has been made good,” the Bundesbank said. “Favorable conditions abroad and domestic factors both helped.”

Its forecast comes just a week or so after figures revealed the German 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%.

The strong growth was boosted by exports, helped by a weaker euro. On an annual basis, exports were 29% higher.

In related news, the German economy ministry recently suggested the economy will grow by around 3% this year.

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