German Financial Recovery Speeds Up Modestly In the Second Quarter
On Friday an official data showed that Europe's biggest economy Germany, slightly picked up pace in the second quarter of this year. The reasons behind the growth are thought to be a weaker euro and strong consumer spending.
Gross domestic product (GDP) of Germany increased by 0.4 percent in the quarter that ended in June. That is a boost from 0.3pc noted in the first quarter according to the federal statistics office Destatis. The analysts estimated the growth would be marginally stronger at 0.5pc in the Q2.
The statisticians said, "The German economy continued along its positive growth path. Positive impulses came primarily from foreign trade. Exports grew a lot faster than imports thanks to the weak euro, with goods exports in particular growing strongly." The added that stronger consumer spending along with increased government spending also resulted a growth.
On the other hand, weaker investment marred some of the growth said Destatis.
In August, as for Germany, the frame of mind of the analysts as well as investors worsened as concerns rose regarding the effect of a wobbly global economic condition in the export oriented economy of the country.
The euro dropped in the initial months of the year falling 8% or more on a trade-weighted basis in between January and March.
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