Economy

German GDP Up 0.7% in Second Quarter

Germany’s gross domestic product (GDP) rose 0.7% in the second quarter. Since the European Union’s largest economy relies heavily on trade within the region, the numbers are another sign of a modest recovery there. It is very likely that the figures are also an indication that the United States and China have at least held their own in terms of demand for German products and services.

According to the nation’s official figures:

Following a weak start into the year, the German economy is gaining momentum. The Federal Statistical Office (Destatis) reports that, compared with the previous quarter, the gross domestic product (GDP) increased by 0.7% in the second quarter of 2013 after adjustment for price, seasonal and calendar variations. According to the most recent calculations, the German economy had stagnated in the first quarter of 2013, following a 0.5% decrease of the GDP in the last quarter of 2012.

Based on more recent data from countries within the EU, Germany’s recovery is likely to accelerate. The news also will give a boost to the reelection hopes of Angela Merkel.