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Business

Exports Pull Germany out of Recession

Germany’s economy expanded by 0.2 percent in the thrid quarter of 2003, marking the first growth for this year. Europe's largest economy chalked up the meager expansion due to a revived demand in exports, the Federal Statistics Office said on Thursday. Germany is being helped out of recession by surging demand for its exports in Europe and the U.S. However, data showed that the German economy shrank more than previously reported in the second quarter. Gross domestic product declined by 0.2 percent, more than the 0.1 percent drop originally reported, denting the government's hope that the economy will avoid negative growth for the full year. The government's economic advisers report on Wednesday said that "minus 0.0" percent growth was expected for the full-year in 2003, implying marginally negative growth.