Germany: Bundesbank Monthly Report: Economic conditions in Germany – August 2004

The cyclical upturn in the German economy gathered further slight momentum in spring 2004, having already been somewhat stronger in the first few months of this year. According to an initial estimate by the Federal Statistical Office, real gross domestic product (GDP) in the second quarter was 0,5% up on the preceding three-month period after adjustment for seasonal and working-day variations. There was a 1,5% year-on-year increase in overall output in working-day adjusted terms. The unadjusted figure was 2,0%