Germany economics minister urges measures as GDP growth slows in Q2

14 August 2012 14:36  [Source: ICIS news]

LONDON (ICIS)--Germany’s economics minister is urging new “growth impulses” as the country’s GDP growth rate slowed in the second quarter from the first, he said on Tuesday.

“Against the background of a difficult European and global economic environment, we need to set growth impulses and improve competitiveness,” minister Philipp Rosler said.

Rosler pointed to the country’s efforts to revamp its energy sector. This revamp needed to be managed in a way that limits impacts on energy costs in order to preserve the competitiveness of Germany’s many industrial producers, Rosler said.

“The competitiveness of our country is of key significance,” he added.

Rosler’s remarks came as the country’s federal statistics office reported that Germany’s GDP growth slowed to 0.3% in the second quarter from the first quarter - after 0.5% growth in the 2012 first quarter from the 2011 fourth quarter.

Growth was driven by higher domestic demand, as well as exports. Compared with the 2011 second quarter, Germany’s GDP was up 0.5% year on year.

Overall GDP in both the EU and the eurozone fell by 0.2% in the second quarter from the previous three-month period, ICIS reported.

In Germany’s chemical industry, producers association VCI has said that it expects to see no year-on-year growth in the country’s chemical production in 2012.

Additional reporting by Franco Capaldo

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

By: Stefan Baumgarten
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