German economy emerges from recessionAugust 13th, 2009 - 2:23 pm ICT by IANS
Berlin, Aug 13 (DPA) The German economy has emerged from its worst recession in 60 years with the nation’s statistics office reporting Thursday a 0.3 percent growth rate in the second quarter.
The surprise positive growth rate comes after Europe’s biggest economy tumbled into recession during the second half of last year as the global economic slowdown triggered by a meltdown in the US mortgage market took hold.
Analysts had predicted Europe’s biggest economy would slump by 0.2 percent in the second quarter before growth gradually gained traction during the second half of the year.
The statistics office pointed to private and public consumption, construction and net trade as helping to lead the nation out of recession.
However, compared to the same quarter in 2008 the statistics office said the German economy shrunk by 7.1 percent.
Moreover, economists expect the German economy to shrink by at least 6 percent this year after a dramatic fall in world trade hit the nation’s key export machine.
But releasing the latest figures, the statistics office also revised up the nation’s gross domestic product data for the first-quarter to show a 3.5 percent contraction instead of a previously estimated 3.8 percent.
The release of the second-quarter German growth figures also came in the wake of a batch of surprisingly strong data from the nation with exports surging by 7 percent in June and factory orders jumping by 4.5 percent.
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- German economy records biggest contraction in 60 years - Jan 13, 2010
- German economy stagnated as 2009 ended - Feb 12, 2010
- Spanish economy back in recession - Apr 24, 2012
- Wall Street snaps three-day rally - Aug 17, 2011
- Japan's GDP growth lowered to 5.6 percent - Dec 09, 2011
- Spanish economy slowed in second quarter - Aug 07, 2011
- Austrian economy slows down - Aug 15, 2012
- Indian economy grows 8.2 percent in third quarter - Feb 28, 2011
- European inflation slips back amid signs of slowing economies - Sep 15, 2010
- Australian GDP rises - Mar 07, 2012
- White House blames Europe for stunting US growth - Jul 31, 2010
- Spain cuts 2011 growth forecast - Nov 17, 2011
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