Finance minister: German economy will ascend firmly in the third quarter

At the beginning of the third quarter the German economy slumped after a strong performance in the first half of 2017, although indicators hint that its firm surge will continue, as the Finance Ministry announced on Thursday.

Europe's number one economy is actually facing a consumer-led upswing, driven by record-high employment, surging real wages as well as low borrowing costs. These conditions will help Chancellor Angela Merkel to grasp a fourth term in an upcoming federal election.

The Finance Ministry, actually controlled by Merkel's conservatives as well as their veteran lawmaker Wolfgang Schaeuble, stressed in its monthly report that at the beginning of the third quarter the German economy lost some momentum.

However, they added that recent economic data show that the sturdy upswing will keep its pace in the third quarter too. Moreover, business morale was still high, while German exporters were supposed to derive benefits from a global economic revival.

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