The German economy performed above market expectations by growing by 0.2 percent in the second quarter of this year compared to the previous quarter.
The German Federal Statistical Office (Destatis) announced the preliminary Gross Domestic Product (GDP) data for the second quarter of the year.
Accordingly, adjusted for seasonal and calendar effects, GDP increased by 0.2 percent in the April-June period compared to the previous quarter and by 0.9 percent compared to the same period last year.
Market expectation was that growth in Germany during this period would be 0.1 percent on a quarterly basis and 0.6 percent on an annual basis. It was noteworthy that the announced data exceeded market expectations.
The biggest contribution to growth in Germany in the second quarter came from the increase in exports.
Destatis also revised its growth data for the first quarter of the year upwards. Accordingly, the first quarter growth, previously announced as 0.3 percent, was increased to 0.4 percent.
The German economy has been experiencing a difficult period for a long time due to weak domestic demand, high energy costs and global uncertainties.
