It's an outstanding figure, even better than China's. That's happening like once in a generation. Clearly, the next quarters will show growth to be a lot lower. In further good news, growth in Q1/2010 was revised upwards (from 0.2 to 0.5) and 2009 was slightly less bad than thought at first (-4.7 instead of -4.9 %). The good numbers can probably only partly attributed to a rebound after the bad last year as Germany's major traditional export markets (Europe, US) continue to struggle. Demand from Asia must have lifted exports. Also, corporate investments should be up a by a lot. And there were certainly some one time effects in it (inventory build up/delayed construction in Q1 due to bad weather etc.). Consumption remains as bad as ever, probably flat. We'll know about it in a few days. So, given the situation in Europe and the US, and with the latter indeed heading for another recession, this is really remarkable. But it will not last. The downside risks are enormous. Structural problems in Europe and the US are not adressed, stimulus packages are wearing off everywhere, domestic consumption remains weak, etc.etc. - but everything better than 0.8 % growth in a quarter is already very good for Germany. For now, the job market is also set for further improvements. Companies have drastically reduced their use of the short-time work scheme provided by the government.
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Whatever "zoomings ahead" in experiences, it doesn't change that fact
