China's government has turned around its economy far faster than most thought possible, to 7.9% in the second quarter. Even if the surge moderates in coming quarters, many analysts say China will very nearly meet its target of an 8% expansion for all of 2009. In the first quarter, gross domestic product grew 6.1% from a year earlier.Property sales were up 53% in the first six months from a year earlier, according to a survey commissioned by the statistics bureau and published in the China Information News, while nationwide prices averaged across 70 cities climbed year on year in June. This masks the fact that in second and third cities prices have been strengthening much more. Property normally accounts for about 25% of fixed asset investment in China and is a key form of wealth holding for most Chinese. Japan world's second largest economy returning to positive growth. Japan's economy has grown for the first time in more than a year. Climbing out of its worst recession in decades thanks to rebounding exports and government stimulus measures, data showed today. The world's second largest economy expanded by 0.9 percent in the three months to June from the previous quarter, returning to positive growth for the first time in five quarters, the government reported. Japan's gross domestic product grew at an annualised pace of 3.7 percent in April-June, the Cabinet Office said Optimism about housing prices will translate into greater consumer confidence. European economist forecasts the euro area will grow at least 0.3 percent in the current quarter. Reading in Germany shows that the domestic economy is improving beyond just the car sector, and France’s economy is also progressing. Germany's economy returned to growth in the spring. Estimates of gross domestic product for the second quarter confirmed Tuesday.The latest figures showed German exports had grown at their fastest pace for nearly three years at 7%, with particularly strong growth in demand from rapidly-growing economies such as China. GDP rose 0.3% on a quarter-to-quarter basis in the April-June period, after a drop of 3.5% in the previous three months, data from the Federal Statistics Office. French GDP also grew by 0.3% in the second quarter. Brazil's economy grew 5.1 percent despite impacts of the global financial crisis, and it had a tough economic time early this year. The Brazilian government, however, introduced a package of measures to prop up the real estate and automobile industries, in an effort to promote employment and increase the domestic demand. Australian economy has performed better than expected in the current economic climate. Australian economy defied the global recession. The economic reforms carried out by the Australian government have played a significant role in the development of the Australia economy. Previously Australia was regulated and protected by tight rules charters, but by reducing high tariffs, opening the financial services sector, making the labor markets more flexible, reforming the tax system and privatizing government companies the conditions for the current boom have been created. Indonesia still had the fastest-growing economy in Southeast Asia, with improving prices for the country`s key export commodities and a robust domestic market credited for the good result. The country`s gross domestic product growth of 4 percent in the second quarter placed Indonesia among the top three fastest growing economies in Asia. Most of the growth in Indonesia came from the resilient domestic economy, which accounted for about 60 percent of the figure. However, the 4 percent gain from April to June was lower than the 4.4 percent growth posted in the first quarter of the year, a sign that the global economic slump is taking its toll here, primarily on the nation`s export sector. Prices of the country`s main exports such as oil and gas, and commodities like mined metals, coal and crude palm oil have improved in the past few months. Source: The Examiner
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