Germany unveils slower economic growth

| August 16, 2011 | 0 Comments

Germany, which is the euro zone’s largest economy, has today reported slower growth for the second quarter.

According to figures from Destatis, the German economy grew by just 0.1% in the April to June period – much less than the 0.5% expected by analysts.

The figures will undoubtedly be a disappointment since Germany has been driving the recovery in the euro zone.

The economy posted growth of 3.6% in 2010 – the strongest pace since reunification in 1990 so today’s figures will raise fears about the strength of the euro zone economy.

GDP figures for the euro zone will be published later today.

Last week, it was revealed France’s economic growth showed a reading of zero in the April to June quarter, compared with 0.9% in the previous three months, according to Insee, the national statistical agency.

The reading was short of forecasts of a 0.3% rise for the quarter.

Finally, the Greek economy contracted by 6.9% in the three month period on an annual basis, however, this was slower than the 8.1% contraction in the first quarter.

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