Berlin, Germany (4E) – The German economy sharply bounced back in the second quarter from a slow start in 2013, spurred by from a rise in investment and strong consumption, according to official data released Friday.
Gross domestic product (GDP) rose 0.7 percent in the period, according to Federal Statistics Office in Wiesbaden data released Friday, confirming the initial estimate on Aug. 14. When adjusted for working days, the economy expanded 0.5 percent from the previous year.
Germany’s strong economic growth helped the euro zone emerge from its longest recession. Euro-zone GDP rose 0.3 percent in the second quarter from the previous period, and gained 1.1 percent on an annualized basis, the EU statistics agency said earlier this month.
Capital investment grew 1.9 percent on the quarter, the first growth in three quarters, and consumption climbed 0.5 percent, according to the statistics office.
Exports jumped 2.2 percent from the quarter ended March, while imports rose 2.0 percent. The data takes into account inflation and seasonal swings as well as adjusted for the number of working days in each quarter.
Germany also has a robust fiscal situation. For the first six months of the year, the general government posted a budget surplus of 0.6 percent of GDP, according to official data.
The latest number is a positive sign for Angela Merkel, who is seeking reelection as German Chancellor in the Sept. 22 elections.