Germany finance ministry says country's economy in upswing

The German economy likely grew by around 0.3 percent in the second quarter the finance ministry said in its monthly report. It added the country’s economy was in an upswing with domestic demand remaining the key growth driver, but with foreign trade also picking up.

Europe’s largest economy slowed to 0.3 percent in the first quarter after an unexpectedly strong 0.7 percent expansion between October and December last year.

Demand and production in the industrial sector are on an upward trend and the mood among companies is good, the ministry said with the outlook predominantly optimistic.