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Saturday 26th of February 2011
February 24, 2011    

German posts economic growth of 0.4% in Q4

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by Kay Murchie
”German

Germany has today posted economic growth of 0.4% for the fourth quarter - its seventh consecutive quarter of expansion, the Federal Statistical Office confirmed today.

The data confirms an initial estimate published last week.

Germany is driving the recovery in the euro zone and export demand helped to bring the economy out of recession in the second quarter of 2009 - much sooner than many of its counterparts throughout the world.

The growth comes despite the severe wintry weather the country experienced in December and follows growth of 0.7% in the third quarter of last year.

In the meantime, it has also been revealed that Germany’s budget deficit stands at 3.3% of GDP in 2010.

Not only is this lower than an initial estimate, it is just above the 3% of GDP required to keep within euro zone rules and the deficit is forecast to fall back within the limit required.

In related news, the Munich-based Ifo think tank announced earlier this week that confidence among German firms rose in February to another record high.

The closely-watched Business Climate Index climbed to 111.2 in February, up from 110.3 in January – the ninth consecutive monthly increase and the highest reading for the former West Germany since 1969.

The results confounded analysts expectations since the recent severe wintry weather was expected to knock the index.

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