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Germany — Economy and labour market slowly gain momentum

13 May 2010

The latest data published by the Federal Statistical Office (Destatis), reveals that Gross Domestic Product (GDP) rose by +0.2% in the first quarter of 2010 compared to the previous quarter.

At the same time, the result for the fourth quarter of 2009 was slightly corrected upwards, now also showing a +0.2% increase.

When compared with a year earlier, GDP increased, following the slump of a year ago: The price-adjusted GDP in the first quarter of 2010 was up by +1.7% on the first quarter of 2009.

The economic performance in the first quarter of 2010 was achieved by 39.8 million persons in employment, which was a decrease of -107,000 persons or -0.3% on a year earlier.

The slow but noticeable recovery of the German economy has had a direct impact on the labour market. Petra Timm, Spokesperson at staffing agency group Randstad Germany, told Manager Magazine "over the last five to six weeks we have noticed an upswing in unemployment compared to the beginning of the year, especially in industry."

Petra Reinholz, Managing Director of staffing agency Adecco in Dusseldorf, commented "there is indeed a slight increase in demand for staff in industry but mainly in the temporary employment sector. We have only just come out of the economic crisis and companies are careful about employing permanent employees at the moment. There is demand [for temporary employees] in both industry and commerce."

To read the full statistics in German language please click here