Reply #5: Euro zone posts strong GDP growth in second quarter

[ozymandius]

BRUSSELS (Reuters) – Euro zone gross domestic product grew at its fastest pace in more than three years in the second quarter, boosted by a strong performance by Germany and France, but concerns remain that the rebound could falter.

European Union statistics agency Eurostat said GDP in the 16-nation currency zone expanded by 1.0 percent in the second quarter from the first, and by 1.7 percent versus the second quarter of 2009, matching a revised Reuters poll.

Economists said the figures were the strongest in at least 3-1/2 years and showed euro zone growth outpacing that of the United States in the March-June period.

Germany proved the engine of the euro zone growth figures, with data released earlier on Friday showing the German economy expanded by 2.2 percent in the second quarter, the fastest rate since German reunification, with companies stepping up investment and exports surging.

http://news.yahoo.com/s/nm/20100813/ts_nm/us_eurozone_gdp

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I have made fun of Germany before with its stubborn defense of its export model economy. However, now, this is something to admire. Congratulations to Europe which, unlike the U.S., has not dismantled their domestic manufacturing capacity.