Europe’s economy expanded more than economists forecast in the second quarter as the fastest growth in Germany in two decades powered the region’s recovery. Europe’s largest economy, grew in the quarter at the fastest pace since reunification.
In Germany, GDP jumped 2.2 percent from the previous three months, while the French economy expanded 0.6 percent and growth in the Netherlands accelerated to 0.9 percent. The second-quarter data also show that the euro area outpaced the U.S., which grew 0.6 percent, based on the EU statistics office measure.Still, some euro-area countries continue to struggle. Greece, which was forced to seek a EU-led bailout in May, experienced a 1.5 percent contraction, while [Portugal] and Spain’s economy grew 0.2 percent.
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The U.S. economy, the world’s largest, will probably expand 3.3 percent this year, the Washington-based fund said. The euro- region economy may grow 1 percent, with Chinese GDP seen increasing 10.5 percent and India’s economy expanding 9.4 percent, it forecast.
ECB President Jean-Claude Trichet: “We consider that both the second quarter and probably also the third quarter are likely to be better than expected. But we are certainly not declaring victory nor would we say that we’re in a period of active growth.”
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