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German government sees economy in solid upswing

Staff writer |
The German economy showed a solid upward trend in the summer thanks mainly to robust private consumption, but also to foreign trade, said the German government.

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"The German economy is in a solid upswing in the summer," the German Economy Ministry said in its monthly report, adding "a reliable economic support remains on the domestic side, the private consumption."

Recent indicators showed that domestic investment was likely to be "rather restrained," the ministry said, but companies' mood remained "good and stable" despite uncertainties abroad such as the Greek crisis.

According to the ministry, foreign trade would also add impetus to economic growth as exports extended more than imports in the second quarter thanks to the moderate recovery in the euro zone and competitiveness of German products.

The official data of German economic growth in the second quarter is scheduled to be released on Friday. Economists expected German economic expansion to speed up following a mild growth of 0.3 percent in the first quarter.

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