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Jeffersons Ghost Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 05:50 AM
Original message
German economy sees 'record' growth of 2.2%
The German economy grew by 2.2% in the three months to the end of June, its fastest quarterly growth in more than 20 years, official figures show.

"Such quarter-on-quarter growth has never been recorded before in reunified Germany," the national statistics office, Destatis, said.

The main reason for the higher-than-expected growth was strong exports, helped by a weaker euro.

The eurozone economy grew by 1% during the quarter. This compares with growth of 0.2% in the first three months of the year, the area's official statistics agency, Eurostat, said.

http://www.bbc.co.uk/news/business-10962017
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SmileyRose Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:05 AM
Response to Original message
1. Damn unions.
:sarcasm:
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pampango Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:20 AM
Response to Reply #1
3. "Germans, with their powerful unions ... have a real voice in their employment."
"The present-day system of worker involvement with their employers was put in place by American New Dealers and British Labour Party socialists after the defeat of Nazi Germany in 1945. They wanted to prevent a repeat of the close collaboration of the country's manufacturers with the Nazi regime and figured that with workers on the board of directors, this wouldn't happen.

Social democracy may let us live nicer lives; it also may be the only way to be globally competitive. His anecdotal book helps us understand why the European model, contrary to popular neoliberal wisdom, may thrive well into the twenty-first century without compromising its citizens' ease of living and be the best example for the United States to follow."

http://www.huntingtonnews.net/columns/100807-kinchen-co...
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burnsei sensei Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 07:16 AM
Response to Reply #3
7. +1
Unions support prosperity, they do no undermine it.
The more powerful they can be, the more people are empowered.
Unions are democratic.
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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:18 AM
Response to Original message
2. But the Democrats and Obama are keeping this economy down



:sarcasm:



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JVS Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:24 AM
Response to Original message
4. "The main reason for the higher-than-expected growth was strong exports, helped by a weaker euro. "
Edited on Fri Aug-13-10 06:26 AM by JVS
This is not surprising. The Bundesbank was traditionally very tight with its currency, knowing that it hurt employment and growth by doing so.


On the other hand, the Eurobank generally acts as a continuation of the Bundesbank in terms of policy and it might be because of some of their tradition of tight money that they have room to make adjustments to the interest rates, while the US had already slashed them before the crisis hit.
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DemocratSinceBirth Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:24 AM
Response to Original message
5. Is That An Annualized Rate Because A 2.2 Growth Rate Is Anemic
The American economy would have to expand at a rate of 3% just for unemployment to remain constant.
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TheWebHead Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 06:37 AM
Response to Reply #5
6. it's quarter to quarter
but it's mostly due to the steep decline in the euro during that 3 month period.
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closeupready Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:51 PM
Response to Reply #5
15. It's like 8.8% annual growth.
n/t
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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 07:55 AM
Response to Original message
8. You guys got it all wrong according to Joe
Scarborough it is because Germany has adopted Reaganomics. It's all because the EU countries cut spending and are reducing their deficit. That will be the Republican talking point of the day at Faux I bet, I can't stomach watching Faux but I will hear about it from my Rethug friends.
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OHdem10 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 09:52 AM
Response to Original message
9. Germany insisted on and maintained her mfg. base. Would not
permit the wild outsourcing of our Free Traders.

Those Social Democracies.

2% does not set the world on fire but if they continue
to climb and say, France joins them---might be our
hope. At some point, they might be able to buy a few
of our products.
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deaniac21 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 10:10 AM
Response to Original message
10. 2 % SUCKS. The US numbers are very low right now below this year
The US 1st QTR 3.7
2nd QTR 2.4
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yawnmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:59 PM
Response to Reply #10
17. The US numbers are annualized already. by quarter USQ1=0.925 USQ2=0.6
those numbers are less than 1/3 of the German growth.
the German 2.2% (8.8 annualized) does not suck.
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Kurt_and_Hunter Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 10:18 AM
Response to Original message
11. This is not an ANNUALIZED number. (Think 8.8%, not 2.2%)
Almost all news stories about GDP growth in the US used annualized numbers.

If the GDP went up 1% in a quarter it is reported as 4% as an annual rate.

Apparently in Europe they use the raw number. (The more accurate way of expressing it.)

The quarter described in the OP is 2.2% in three months. In US style reporting that is an 8/8% quarter and is really big.
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deaniac21 Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:44 PM
Response to Reply #11
12. It's reported as a quarterly numer in the US.
Edited on Fri Aug-13-10 01:45 PM by deaniac21
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yawnmaster Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:55 PM
Response to Reply #12
16. Read the site carefully. The US numbers are reported on an annuallized basis...
Divide the numbers by 4 to compare with the German numbers.
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Commie Pinko Dirtbag Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:49 PM
Response to Reply #11
14. 9.1% actually. (Like compound interest) -nt
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Commie Pinko Dirtbag Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Aug-13-10 01:48 PM
Response to Original message
13. If sustained for a year, that would be a 9.1% annual growth.
Impressive. Of course, it's going to be less than that, but still good.
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