German economic growth on the rise

The newest data on the German economy has revealed that it is growing faster than had been expected by analysts.

Traditionally the powerhouse of Europe economically, Germany has been struggling in the last few months as a result of the ongoing economic crisis.

However, the latest figures show that its economy rose by 0.7 per cent in the second quarter of the year, which was slightly ahead of forecasts.

Speaking to BBC News, Carsten Brzeski, an economist at ING, stated that this is an impressive comeback for Germany, which has seen its economy stagnate in recent months.

"Despite very favourable financing conditions and [the] strong international positions of many German companies, domestic investment has been sluggish for a longer while," he said.

German firm E-Plus, which currently has a 15 per cent stake in the German mobile market, is the subject of a takeover bid from America Movil, which is the largest mobile phone operator in Latin America, at the moment.

The company, owned by the world's richest man Carlos Slim, wants to buy the 70 per cent it does not currently own of the Dutch telecoms firm KPN, owner of E-Plus.

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