BGN Entrepreneur

The German economy, Europe’s largest, expanded 0.2% in the first quarter of 2010, which cause a zero-growth forecasts.Many analysts predicted German GDP will stagnate this quarter. The state statistical office, Destatis, the growth in the fourth quarter of 2009 upwards revision to 0.2% from its first estimate of no growth. This meant that the decline in GDP has been reduced for 2009 to 4.9%, Destatis said. “The German economy is slowly gaining momentum,” Destatis said in a statement.

The better than expected first quarter figure came in spite of harsh winter in Germany, affected the construction activity. Destatis said that, exports and investment in industrial plants, the most important drivers of growth.

The German government has forecast growth of 1.4% this year.
Germany went into recession in 2008, when demand for their exports dried up amid the global recession. After shrinking for four straight quarters with a 3.5% decline in the first quarter of 2009, Germany emerged from recession in the second quarter of last year.

Germany lost its position as the world’s largest exporter to China last year, but exports have recently been recovered. Earlier this month, said the government exports dramatically in April compared to 10.7% in March and were almost a quarter over the previous year.

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