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 | Qatar | Saudi Arabia
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.
New violence in South Sudan despite peace deal
Source : Saudi News Agnecy  
Date : August 29, 2015
Juba, Dhu-AlQa'dah 14, 1436, August 29, 2015, SPA -- South Sudan's army and rebels have begun
U.S.'s Biden speaks with Ukrainian President Poroshenko about attacks
Source : Saudi News Agnecy  
Date : August 29, 2015
WASHINGTON, Dhu-AlQa'dah 13, 1436, August 28, 2015, SPA -- U.S. Vice President Joe Biden spoke with
Venezuela's Maduro to visit China, Vietnam for finance deals
Source : Saudi News Agnecy  
Date : August 29, 2015
CARACAS, Dhu-AlQa'dah 14, 1436, August 29, 2015, SPA -- Venezuelan President Nicolas Maduro on Friday said
US stocks close flat Friday
Source : Saudi News Agnecy  
Date : August 29, 2015
NEW YORK, Dhu-AlQa'dah 14, 1436, August 29, 2015, SPA -- U.S. stocks closed narrowly mixed on
Obama to name James O'Brien as hostage affairs envoy for State Dept-White House
Source : Saudi News Agnecy  
Date : August 29, 2015
WASHINGTON, Dhu-AlQa'dah 13, 1436, August 28, 2015, SPA -- The White House said on Friday President
US reaffirms its commitment to achieving negotiated political transition away from Bashar al-Assad
Source : Saudi News Agnecy  
Date : August 29, 2015
Washington, Dhu-AlQa'dah 13, 1436, August 28, 2015, SPA -- The US State Department said today that
Terror Blast in Karranah village, Bahrain
Source : Saudi News Agnecy  
Date : August 29, 2015
Manama, Dhu-AlQa'dah 13, 1436, August 28, 2015, SPA -- The Bahraini Ministry of Interior announced
Sun Aug 30, 2015| 15-ذو القعدة-1436هـ
King's visit to herald new era in Saudi-US relations
Govt: Battle to retake Sanaa in 2 months
GCC contract awards to hit $194bn this year
Daesh suicide strike kills 2 Iraqi generals
FIFA 2022: Construction chemicals market to grow at 13 percent
Saudi women hail govt effort in promoting them
Qatar slams Israel's closure of Al Aqsa gates
Petchem exports to US not economical: Iran official
Oil prices rally 9% - making it biggest one-day gain in years
Oman can play key role in ending Syria crisis: Assad
Iran may have built extension at disputed military site
Uzbekistan seeks to boost ties with KSA
Diesel down 18%, petrol cut by 8.5% in UAE
  Op-Ed
UAE's development plan for Yemen makes sense
Migrant crisis may now be forging a better way forward
An important milestone
Emirati Women's Day: Our chance to rewrite history
More>>  
    Reports
Kuwait Budget 2015/2016
GCC Real Estate Quarterly – 1Q15
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    GRC Analysis
Bright Future for Green Jobs in the GCC
Oman-ASEAN Relations
UAE-ASEAN Relations
    GRC Commentary
Using the Iran Nuclear Accord to Advance Regional Security
Reduce your Footprint in Ramadan
A Gulf Perspective on the 'Obama Doctrine'
    GRC Press Release
Gulf Research Center press releases to the media
    GRC Publications
The Gulf Arab Countries’ Foreign and Security Policies Post-Arab Uprisings: Toward Greater Regional Independence of the Middle East
Realigning Ecological Needs and Economic Growth to Formulate Environmental Policy for the Gulf States
Oman’s 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  |   20-- 21 Middle Page :0  --   | Right : 20 - 20--en--sess-enreq-en-coming