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German economy in solid upswing: Economy Ministry

Xinhua, July 10, 2015 Adjust font size:

The German economy is in a moderate but solid upswing in the summer, German Economy Ministry said on Friday, citing stabilizing global economy, recovering euro zone and positive development of labour market.

"After an inconspicuous beginning, the economy has stabilized somewhat in the second quarter," the ministry said in a statement.

In the first quarter of 2015, Germany's gross domestic product (GDP) increased mildly by 0.3 percent. Economists expected that Europe's biggest economy would expand at a faster pace during the three months from April to June.

According to the Economy Ministry, momentum during the summer months comes from stabilizing global economy, recovering euro zone and positive development of domestic labour market.

"The orders from abroad rose to above average, thanks to recovery in the rest of the euro zone and the low euro exchange rate," it said, adding that "the most important driving force is private consumption" which was boosted by a stable labour market and increasing wages.

The ministry also warned that the ongoing Greek crisis would have a "long-term impact" which is "difficult to estimate" on German economy. Its short-term effects, however, are currently perceived as relatively low. Endit