Prost! Germany reached a new economic growth record at the end of June.
The U.S. economy is still an unholy mess, but someone is doing something right over in Germany, which reported record growth over the three-month period from April through June—the biggest such spike since the once-split nation reunified. The fiscal situation was slightly improved in France and Spain, but Greece? Down 1.5 percent. —KA
“Such quarter-on-quarter growth has never been recorded before in reunified Germany,” the national statistics office, Destatis, said.
The main reason for the higher-than-expected growth was strong exports, helped by a weaker euro.
The eurozone economy grew by 1% during the quarter.
This compares with growth of 0.2% in the first three months of the year, the area’s official statistics agency, Eurostat, said.