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Surprise: Germany in record growth

business Updated: Aug 14, 2010 00:12 IST

Germany's economy grew at the fastest rate since reunification in the second quarter as companies stepped up investment and exports surged, providing fresh evidence that the recovery has shifted up a gear.

Eurozone robust

Germany's GDP Q2 grows 2.2%, biggest jump since reunification.

Eurozone shows robust 1% growth in Q2.

Figures show the eurozone growing faster than the US.

The Netherlands GDP grew 0.9% in the Q2.

Spain, which only came out of recession in Q1 with a 0.1% spurt, saw its economy grow by 0.2% in the second quarter.

Gross domestic product grew 2.2 per cent on the quarter.

First-quarter growth was also revised up to 0.5 per cent from 0.2 previously, Federal Statistics figures showed on Friday.

Economy Minister Rainer Bruederle said growth of well over 2 per cent was now possible for the full year — far above the government's official forecast of 1.4 per cent.

"We can't speak of a growth miracle but we are certainly in an XL-upswing," Bruederle said.

Several economists said they expected the economy —Europe's largest — could grow by at least 3 per cent this year, as did the country's Ifo economic institute said.