RTTNews - Thursday, the Federal Statistical Office said the German economy unexpectedly expanded in the second quarter, which was the first growth since the first quarter of 2008.
The largest Eurozone economy grew 0.3% sequentially in the second quarter, following a revised 3.5% contraction in the first quarter. Economists had expected a decline of 0.2%. The first quarter decline was revised down from a 3.8% decrease estimated initially.
Compared with the second quarter of 2008, the price-adjusted GDP was down 7.1%, larger than the revised 6.4% drop in the first quarter. However, the second quarter decline was smaller than the expected 7.6% drop. Meanwhile, the GDP slipped by a calendar adjusted 5.9% versus revised 6.7% fall seen in the prior quarter.
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