Germany's Q2 Growth Beats Expectations with 0.3% Advance

The German economy has grown more than expected in the second quarter of this year, according to revised data from the Federal Statistical Office. The GDP advanced by 0.3% compared to the first three months of the year, one-tenth more than initially estimated.

This upward revision improves the picture of the largest economy in the eurozone and reduces pressure on the European Central Bank. Exports were a main driver of this growth, with new data showing a significant increase in export estimates for June.

The president of Destatis, Ruth Brand, noted that the growth momentum of the German economy since the beginning of the year continues. Germany had just grown by 0.4% in the first quarter, chaining six months of expansion after several years of weak growth.