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News : EU Economy Last Updated: Feb 15, 2011 - 10:16 AM

German economy slowed in fourth quarter of 2010; Annual GDP growth at 3.6%; French GDP grew at 1.5%
By Finfacts Team
Feb 15, 2011 - 7:07 AM

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The upswing of the German economy continued at the end of 2010, though at a slightly slower pace. The gross domestic product (GDP) rose 0.4% - - after  price, seasonal and calendar adjustment - - in the fourth quarter of 2010 on the third quarter, according to the federal statistics office, Destatis today. The statistics office also reported that the German economy grew 3.6% (calendar-adjusted: 3.5%) over the entire year of 2010. French GDP increased by 0.3% in Q4 of 2010, after +0.3% in the previous quarter. Over the year, GDP grew by 1.5%, France's statistics office Insee reported today.

When compared with a year earlier, the German GDP was markedly above the level of crisis year 2009 in all quarters of 2010. In the last quarter of 2010, the price-adjusted GDP rose 4.0% on the fourth quarter of 2009.

In the third quarter, German GDP expanded by 0.7%; a blistering 2.2% in Q2 and 0.6% in Q1.

Destatis said in a quarter-on-quarter comparison (adjusted for price, seasonal and calendar variations), a positive contribution was made mainly by net exports. Also, on a domestic scale, both capital formation in machinery and equipment and consumption were up, so that especially the weather-related decrease in capital formation in construction could be offset.

The statistical carry-over effect of 2010 is 1.2%. That is the growth rate which would be obtained for 2011 if the seasonally and calendar-adjusted GDP remained at the level of the fourth quarter of 2010 for the entire year of 2011.
The economic performance in the fourth quarter of 2010 was achieved by 41.0m persons in employment, which was an increase of 422,000 persons or 1.0% on a year earlier.

In addition to the first calculation of data for the fourth quarter of 2010, Destatis revised the GDP results published so far for the first three quarters of 2010 and for the year of 2010.

Germany accounts for about 30% of Eurozone output.

In France, Insee said that in Q4, households’ consumption expenditure increased by 0.9% (after +0.5%). It has been driven by a boom in energy consumption due to a cold December (+2.6% after 3.1%). It has also been supported by car purchases, rocketing before the end of the scrappage program on January 01,  2011 (+8.8% after +0.9%). Over the year, households’ consumption expenditure grew by 1.6% in 2010 after +0.6%.

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