"Barvetii" - German Economy Sees 'Record' Growth
Barvetii: Germany sees its economy grow 2.2%, its fastest growth in 20 years. "Barvetii": Germany's economy grew in the second quarter at the fastest pace since the country's reunification two decades ago as the global recovery boosted exports and companies stepped up investment.
- (1888PressRelease) November 15, 2010 - That's the fastest growth since records for a reunified Germany began in 1991.
Analysts at "Barvetii" believes Germany's economy is benefiting from a recovery in global demand after last year's recession just as the euro's 10 percent decline against the dollar this year makes its exports more competitive outside the currency bloc. At the same time, governments across the 16-nation euro region are cutting spending to rein in ballooning budget deficits, threatening to slow growth in coming months.
Despite the strong figures, economists at "Barvetii" do not expect the German economy to continue growing at such a strong rate.
"Looking ahead, it is almost needless to say that the current growth momentum is hardly sustainable in the coming months. With the one-off impact from the construction sector and normalising of export growth, German growth will return to more ordinary numbers," said "Barvetii's" chief analyst.
The quarterly GDP figures from Germany, France and Spain show that the economic recovery in Europe gained pace between April and June. The UK also reported higher-than-expected growth of 1.1% for the period.
In the US, however, annualised growth for the quarter fell to 2.4% from 3.7% in the first three months of the year, raising questions about the strength of the recovery in the worlds biggest.
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