BERLIN, Aug. 25 (Xinhua) — Germany’s economy grew slightly faster than initially estimated, with gross domestic product rising 0.3 percent in the second quarter (Q2) from the previous three months, the Federal Statistical Office said on Tuesday.
The figure, adjusted for price, seasonal and calendar effects, was 0.1 percentage point up from a preliminary reading of 0.2 percent.
“The German economy is maintaining the growth momentum seen at the start of the year,” the statistics office President Ruth Brand said in a statement, adding that Q2 growth was driven mainly by stronger exports.
Exports of goods rose 2.6 percent quarter-on-quarter in the April-June period, while imports of goods increased 2.1 percent, the data showed. Private and government consumption each edged up 0.1 percent, while investment contracted 0.2 percent.
The Bundesbank, Germany’s central bank, said in its latest monthly report that the economy was now clearly on a recovery path, with solid foreign demand supporting industry in Q2 despite elevated energy prices and supply chain disruptions linked to the Middle East conflict. Domestic investment and consumption, however, remained weak, it said.
The central bank warned that the recovery was likely to lose significant momentum temporarily in the third quarter, as drought-driven low water levels on major inland waterways constrain transport and push up freight costs, weighing on industrial production and export growth.
