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GDP Q2 Increases in Germany & France

edited 13 August 2009 at 7:35AM in Debate House Prices & the Economy
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edited 13 August 2009 at 7:35AM in Debate House Prices & the Economy
Germany and France reported GDP increases of +0.3 in Q2.

France and Germany Exit Recession
The French and German economies both grew by 0.3% between April and June, bringing to an end recessions in two of Europe's largest economies.
"The data is very surprising. After four negative quarters France is coming out of the red," said French Finance and Economy Minister Christine Lagarde.
Few analysts expected the economies to come out of recession this early.
The eurozone's official gross domestic product (GDP) figures will be released later on Thursday morning.

The German economy, Europe’s largest, unexpectedly grew in the second quarter, bringing an end to its worst recession since World War II. Gross domestic product rose a seasonally adjusted 0.3 percent from the first quarter, when it plunged 3.5 percent, the most since quarterly data were first compiled in 1970, the Federal Statistics Office in Wiesbaden said today. Economists predicted a 0.2 percent decline in second-quarter GDP, the median of 33 estimates in a Bloomberg News survey shows.
Global stimulus measures have boosted demand for German exports while government subsidies are supporting spending at home. The French economy also expanded 0.3 percent in the second quarter, Finance Minister Christine Lagarde said today. With unemployment rising, an economic recovery may be slow.
“While short-term prospects are good, we can’t exclude an aftershock next year because of unemployment,” Andreas Scheuerle, an economist at Dekabank in Frankfurt, said before today’s report. “Still, the worst should be behind us.”
The euro climbed 0.2 percent to $1.4248 after the report. The yield on the benchmark German two-year government bond rose 3 basis points to 1.448 percent at 8:08 a.m. in Frankfurt.
The second-quarter expansion was aided by increases in government and private consumption and construction, the statistics office said. Net trade also made a positive contribution as exports declined less than imports, it said. In the year, the economy shrank 5.9 percent when adjusted for the number of working days.


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