Both Germany and Sweden reported strong economic data at the end of May, with Germany reporting that f ewer than 3m workers are now unemployed, and Sweden reporting GDP growth of 6.4% in Q1 2011.

In Germany, Europe’s largest economy continues to forge ahead and the 7% unemployment rate is the lowest level for Germany since record-keeping began following reunification in late-1990. The number of jobless was reduced by 118,000 people in May, bringing the total number of unemployed to an unadjusted figure of 2,960,000, the Federal Labour Agency said.

This compares with an average drop of around 38,000 per month in the period from January through April this year, and within the 17-nation eurozone, unemployment was unchanged in April at 9.9% for the third month running, so workers are 30% less likely to be unemployed in Germany.

Meanwhile, the Swedish economy continues to expand, growing by 6.4% in the first quarter of 2011, according to new statistics published by Statistics Sweden.

Exports increased by 15% and Sweden has now been named as the fourth most competitive country in the World, behind Hong Kong, USA and Singapore, according to a new ranking from the Swiss business school IMD, overtaking both Switzerland and Australia compared to the 2010 list.

Swedish GDP growth last year was also an impressive 5.7%, however, by the end of this year GDP growth is expected to slow to 2.5%.