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.
Hajj / 1,386,905 Pilgrims Arrive in Kingdom until 10:00 p.m.
Source : Saudi News Agnecy  
Date : October 01, 2014
Mina, Dhu-AlHijjah 06, 1435, September 30, 2014, SPA -- The Directorate General of Passports has finished
Hajj / Minister of Interior Inspects Preparedness of Hajj-related Authorities 2 Mina
Source : Saudi News Agnecy  
Date : September 29, 2014
A speech ceremony was held in this occasion. Prince Mohammed bin Naif bin
Hajj / Minister of Interior Inspects Preparedness of Hajj-related Authorities 3 Mina
Source : Saudi News Agnecy  
Date : September 29, 2014
In a reply to a question regarding impact of the situations surrounding the Kingdom on the
Hajj / Minister of Interior Inspects Preparedness of Hajj-related Authorities 4 Mina
Source : Saudi News Agnecy  
Date : September 29, 2014
"Regarding Daash group, we know that Daash are formed with supporting of some states and organizations.
Prince Saud Al-Faisal: Saudi Arabia is keen to spare no effort to achieve the world community collective objectives under UN umbrella
Source : Saudi News Agnecy  
Date : September 28, 2014
New York, Dhu-AlHijjah 3, 1435, Sep 27, 2014, SPA -- The Kingdom of Saudi Arabia confirmed
Munich cruise 2-0 in Cologne; Dortmund fall 2-1 in derby with Schalke
Source : Saudi News Agnecy  
Date : September 28, 2014
Berlin, Dhu-AlHijjah 3, 1435, Sep 27, 2014, SPA -- Bundesliga leaders Bayern Munich cruised to a
South Sudan's Kiir concerned by UN civilian protection focus
Source : Saudi News Agnecy  
Date : September 28, 2014
UNITED NATIONS, Dhu-AlHijjah 3, 1435, Sep 27, 2014, SPA -- South Sudan's President Salva Kiir raised
Wed Oct 1, 2014| 06-ذو الحجة-1435هـ
Bahrain warns of legal action against calls to boycott polls
Gulf needs non-oil tradable sector: IMF
Oman supports intآ'l coalition against terrorism
52% express confidence in UAE's banking system: Survey
Yemenis protest to press for Houthi withdrawal
Qatar's economy sees 5.7% growth in second quarter
Iran pledges equipment for Lebanon army
Gulf stocks post strong gains despite oil slump
Iran extends electricity export deal with Iraq
ISIS could use nuclear arms against UK: May
Etihad Rail to launch next phase of UAE railway network
MERS raises its ugly head again
FOA: Clashes in Yemen deepening food security problem
UK Air Force conducts 1st airstrikes of Iraq mission
Two terror cell suspects were trained by ISIS, says witness
KPC partakes in APPEC oil Conference in Singapore
    Newspaper Editorials
Afghanistan in new period of transition
Much at stake in Hong Kong
More>>  
    Opinions
Defending our borders
Saudi-UAE pact a ray of hope for region
More>>  
    GCC Press Agencies
Day's main stories from the GCC Press Agencies
    Reports
Iran and the P5+1: Getting to 'Yes'
More>>  
    Bank Reports
GCC Markets Performance – May 2014
Saudi Arabia: Baseline Macroeconomic Forecast 2014-16
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
GCC’s External Trade Integration: An Assessment
GCC Relations with Post-War Iraq: A Strategic Perspective
The Union Moment for the GCC
    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  |   22-- 23 Middle Page :0  --   | Right : 22 - 22--en--sess-enreq-en-coming