The German economy, the biggest in the euro zone, expanded only slightly in the period from April to June, growing at the same modest rate as in the preceding three months, official data showed today.
German GDP expanded by 0.3 per cent in the second quarter from the figure for the previous quarter, the Federal Statistics Office said in a statement.
First-quarter GDP was revised upwards slightly to 0.3 per cent from an originally reported increase of 0.2 per cent.
On a 12-month basis, GDP rose by 0.5 per cent in the April-June period, after contracting by 1.2 per cent in the period from January to March, the office calculated.
The Finance Ministry in Berlin promptly declared that the modest economic recovery seen in the preceding three months was continuing.
"The upward trend remains stable. Indeed, indicators point to an acceleration in economic activity in the second half of the year," the ministry said in a statement.
The statisticians noted that the second quarter had one working day more than in the first quarter, but two working days fewer than in the second quarter of 2001.
Adjusted for this calendar effect, German GDP would have risen by just 0.1 per cent quarter-on-quarter and by 0.2 per cent year-on-year in the period from April to June.
But looking at the first six months of the year as a whole, GDP actually contracted by 0.4 per cent from the first half of 2001.
A breakdown of the GDP components showed that exports increased by 1.1 per cent quarter-on-quarter in the period from April to June on continued foreign demand for German-made goods.
But domestic demand also appeared to pick up with imports rising by 1.5 per cent.
Consumer spending appeared to turn around, rising by 0.2 per cent quarter-on-quarter for the first time in a year.
State expenditure contracted slightly by 0.1 per cent and capital investment was down by 2.5 per cent quarter-on-quarter.
The finance ministry in Berlin said that on the basis of the latest figures, it was sticking to its full-year GDP forecast of 0.75 per cent.