News from Berlin

German Economy Doubles its Growth to Highest Level in Three Years

May 15th, 2014
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News from Berlin - German Finance Minister Wolfgang Schäuble has asserted that Germany’s economy has doubled its growth to the highest level in three years in the first quarter of 2014. The German economy has recently gained momentum, logging its highest economic growth since 2011, balancing out the unexpected negative output in other eurozone countries. Europe’s largest economy grew faster in the first quarter of this year than it has in the past three years, according to data released today, May 15th.

Increased domestic spending has expanded the German economy by 0.8 percent, double than that of the previous quarter. Minister Schäuble has spoke of a “relatively good [economic] situation”, with all signs pointing towards a wide upswing. On the other hand, weaker eurozone members are still struggling to get back on their feet after the debt crisis. Overall GDP in the eurozone has risen 0.2 percent. The positive news out of Germany contrasted with that of France, who’s economy remains stagnant, and Italy, Finland and the Netherlands, in which the economy seems to be dwindling. Although exports were down at the start of 2014, imports have risen during the last quarter of 2013. Investment continues to grow, particularly in construction and equipment.

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