Sun Shines on Europe and Germany
BERLIN, August 14, 2013 /PRNewswire/ --
One of the worst winters in decades slowed down Germany's growth in the first quarter of 2013. But in the wake of some intense summer weather, Germany boasted the best economic figures in what was good news for the entire Eurozone on Wednesday.
Germany's seasonally-adjusted 0.7 per cent growth for the second quarter - the best in over a year - was attributable to much beyond the sunshine. The jobless number was at a two-year low in July, with income expectations and consumer confidence up as a result, according to the GfK Consumer Climate MAXX survey.
The preliminary composite purchasing managers' index (PMI), which measures activity across the private sector, rose to 52.8 in July. The services sector PMI was up to 52.5 while manufacturing was at 50.3 (a reading above the 50 threshold indicates growth in activity).
Foreign direct investment into Germany continues to rise. Swiss companies Liebherr and Roche both recently invested large sums: in a logistics center and manufacturing facility respectively. General Electric is creating a new training center in Berlin with 120 new jobs.
Although most remain skeptical that the Eurozone's overall second-quarter 0.3 per cent growth heralds a general turnaround in fortune, the positive figures from Portugal and France can only be a positive sign.
"Germany's innovative and disciplined long-term approach to managing the economic crisis is beginning to pay its dividend," said Dr. Benno Bunse, CEO of Germany Trade & Invest, Germany's inward investment advisory agency.
"We are seeing more companies take advantage of our economic model and investing here, which is ensuring growth for Germany and sowing the seeds for sustainable growth across the Eurozone."
Germany Trade & Invest is the foreign trade and inward investment promotion agency of the Federal Republic of Germany. The organization advises foreign companies looking to expand their business activities in the German market. It provides information on foreign trade to German companies that seek to enter foreign markets.
Germany Trade & Invest
SOURCE Germany Trade & Invest
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