As reported by Germany's Federal Statistical Office (Destatis), following a weak start to the current year, the German economy is gaining momentum. The country's price, season and calender adjusted gross domestic product (GDP) in the second quarter of the current year increased by 0.7 percent compared to the previous quarter. According to the most recent calculations, the German economy had stagnated in the first quarter this year, following a 0.5 percent decrease in GDP in the last quarter of 2012 compared to the previous quarter.

In a year-on-year comparison, the price-adjusted GDP was up 0.9 percent in the second quarter this year. In calendar-adjusted terms, the GDP increased by 0.5 percent compared to the second quarter of 2012.

Destatis said that in the second quarter of this year positive contributions were made mainly by domestic demand. In addition, the quarter-on-quarter increase in exports was somewhat larger than the rise in imports, so that the balance of exports and imports also contributed to GDP growth.