German economy storms ahead at fastest pace in 20 years - gcc_press - Gulf in the Media
HomePoliticsEconomy                               Set Gulfinthemedia.com as home page
GCC Press Agencies
Day's main stories from the GCC Press Agencies
Bahrain | Kuwait | Oman | Qatar | Saudi Arabia | United Arab Emirates
German economy storms ahead at fastest pace in 20 years
Date : August 13, 2010
 Print  Send This Page
Save Listen to this Article
Berlin, Ramadan 03,1431/Aug 13, SPA -- The German economy stormed ahead by 2.2 per cent
during the second quarter, the statistics office said Friday, with a
surge in exports and a pickup in investment helping to power the
nation to its fastest growth rate in two decades, according to dpa.

Adjusted for the number of working days, economic growth soared by
3.7 per cent when the second-quarter figures are compared with the
same period in 2009, as foreign orders from the world's leading
emerging economies and a weaker euro ramped up German exports.

The German economy is "playing in a league of its own" said ING
Bank economist Carsten Brzeski as the nation's buoyant growth drives
economic expansion across Europe.

The European Union' statistics office Eurostat said Friday the
region's growth rate bounded ahead by a bigger-than-forecast 1 per
cent in the second quarter with Germany's economic performance
helping to offset the more tepid expansion rates in other parts of
Europe.

The German economy grew at its fastest rate since the fall of the
Berlin Wall paved the way for the nation's reunification two decades
ago, the statistics office said.

Economists have already begun to revise up their 2010 growth
forecasts. The Frankfurt-based Commerzbank said it was raising its
prognosis from a 2.5-per-cent expansion rate to a vigorous 3.25 per
cent.

German Economics Minister Rainer Bruederle described the
second-quarter gross domestic product (GDP) data as "a growth
miracle" and predicted that the nation's economic expansion would
come in well above 2 per cent.

The robust economic performance during the second quarter follows
a dramatic 5-per-cent contraction in 2009.

Underpinning the nation's growth has been another wave of
corporate restructuring combined with a long period of wage
stagnation, which have helped to bolster the nation's international
competitiveness.

German exports surged by a more-than-forecast 3.8 per cent in June
after soaring by a revised 7.9 per cent in May, the statistics office
said earlier this month.

Already, however, the nation's unions have signalled plans to step
up their wage demands this year.

Business leaders have also warned about a skilled shortage
emerging in the nation as a result of the fast-paced growth rate.

"We must exploit the potential of people in this country, while
skilled workers from abroad have to be accepted," said Martin
Wansleben, the chief of Germany's Chamber of Commerce (DIHK).

The consensus among analysts was for Europe's biggest economy to
expand by 1.3 per cent in the three months ended June, after it grew
by an upwardly revised 0.5 per cent in the first quarter. Adjusted
for prices, year-on-year second-quarter GDP stood at 4.1 per cent.

But a number of analysts had believed that the country's GDP in
the three months ended June could come in closer to 2 per cent
following a batch of upbeat indicators pointing to the economy
gaining momentum in recent months.

Analysts have also warned that the pace of Germany's economic
expansion should ease up in the coming months in the wake of signs of
a slowdown in the key pillars of the world economy - China and the US
- along with moves around the world to cut government spending.

Releasing the data the Wiesbaden-based statistics office said
exports and investment were the key drivers of German growth in the
second quarter. Private and public spending also made positive
contributions.

The statistics office is to publish a detailed breakdown of the
second-quarter GDP figures on August 24.
Custodian of the Two Holy Mosques receives phone call from King of Morocco
Source : Saudi News Agnecy  
Date : May 27, 2015
Jeddah, Sha'ban 09, 1436, May 27, 2015, SPA -- Custodian of the Two Holy Mosques King
Thai Navy vessel arrives in Phuket to aid in migrant rescues
Source : Saudi News Agnecy  
Date : May 27, 2015
Bangkok, Sha'ban 9, 1436, May 27, 2015, SPA -- A Thai Navy ship arrived in Phuket
Queen Elizabeth to unveil EU referendum plans as UK parliament opens
Source : Saudi News Agnecy  
Date : May 27, 2015
LONDON, City, Sha'ban 9, 1436, May 27, 2015, SPA -- Britain's Queen Elizabeth will set out
Irish government backs sale of Aer Lingus to IAG
Source : Saudi News Agnecy  
Date : May 27, 2015
DUBLIN, Sha'ban 9, 1436, May 27, 2015, SPA -- The Irish government agreed on Tuesday to
Al-Hagbani wins two gold medals at US Junior Tennis Championship in singles and doubles
Source : Saudi News Agnecy  
Date : May 27, 2015
Riyadh, Sha'ban 08, 1436, May 26, 2015, SPA -- Saud Al-Haqbani, the captain of the Saudi
UN official: Nepal quake victims need shelter before rains
Source : Saudi News Agnecy  
Date : May 27, 2015
UNITED NATIONS, Sha'ban 9, 1436, May 27, 2015, SPA -- A senior U.N. official who just
South Korean President Park to visit White House in June
Source : Saudi News Agnecy  
Date : May 27, 2015
Washington, Sha'ban 9, 1436, May 27, 2015, SPA -- South Korean President Park Geun-hye will meet
Wed May 27, 2015| 08-شعبان-1436هـ
Iraq launches major operation to drive IS out of Anbar province
UAE seeks investment in Qatar
Soldier slain; Houthis lose city of Dhale
Saudi market regulator to raise IPO allocations to institutional investors
Rouhani says most Iranians want peace
Expats to feel pinch as Bahrain plans to cut subsidies
Palmyra's ancient ruins unharmed ... for now
CBK announces launching of automated cheques clearing system
Kuwait court restores ex-lawmaker's citizenship
First part of Oman rail project tender later this year: Minister
Long-term stability 'the key GCC goal'
Three held for running illicit liquor trade
Most Qatif culprits caught
Two women succumb to MERS; caution urged
Gulf Air signs key deal
Multiple Daesh suicide attacks in Iraq's Anbar kill 17 troops
    Newspaper Editorials
Elusive peace
Changing tactics
More>>  
    Opinions
National unity under attack
Filling the political vacuum
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    Reports
The Arab-U.S. Strategic Partnership and the Changing Security Balance in the Gulf
More>>  
    Bank Reports
Saudi Arabia Banking Sector
GCC Equity Monitor - Global
More>>  
    GRC Analysis
Saudi Arabia and the ASEAN Periphery: Cambodia, Myanmar, and Brunei
NATO and the Future of Gulf Security.
Saudi-Vietnam Relations
    GRC Commentary
Price of not heeding Kingdom's advice
On Relations between Rulers and Citizens: The Need for a New Social/Political Contract in the GCC States
Key Issue Facing the Saudi Ruling House.
    GRC Book Review
Beyond Regionalism? Regional Cooperation, Regionalism and Regionalization in the Middle East
India, GCC and the Global Energy Regime: Exploring Interdependence and Outlook for Collaboration.
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
Demography, Migration, and the Labour Market in Bahrain
Islamic Finance: A three-volumes series.
United Arab Emirates’ Legal Framework of Migration
    GRC Newsletters/Bulletins

Enter your email to get the Newsletter
Go
      
Privacy Policy | Contact Us | Terms & Conditions | About Us |
Weather | Qibla Directions | Hijri Date Conversion Tool
Full Page :total time:1  |   23-- 24 Middle Page :0  --   | Right : 24 - 24--en--sess-enreq-en-coming