GERMANY – Europe’s biggest economy – has seen the strongest growth in its economy since unification, 20 years ago.
According to statistics posted by the country’s national statistics office, Destatis, second-quarter economic growth is at 2.2% from the previous three-month period.
The strong growth in exports, thanks to a weaker euro, has been identified as one of the main reasons for the unprecedented growth.
Other European countries also enjoyed growth, although none as high as Germany’s. Overall, the EU saw growth of 1% in the second quarter,
In the second quarter, the French economy grew by 0.6% and the Spanish economy grew by 0.2%.
The pace of growth in the Italian economy remained the same, at 0.4%. However, Greece experienced a shrink by 1.5% .
All second quarter are estimates that could be rasised or reduced in the coming months as more data becomes available.
Notably, the US has suffered a drop in growth: growth is now 0.6%, down from 0.9% in the first quarter.
Jennifer McKeown at Capital Economics, speaking to the BBC said; “This would be the strongest in three-and-a-half years and mean that, unusually, growth in the eurozone outpaced that in the US.”
Although analysts do not expect Germany’s growth to continue at the same rate, they say that it shows very good signs for the global economy. Germany is the world’s second-largest exporter, behind China.
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