German Economy barreling ahead in first quarter

Edited by walterp on . Posted in Main

Germany’s gross domestic product (GDP) grew 0.6% in the first quarter compared with the previous three months, adjusted for price, seasonal and calendar effects, federal statistics authority Destatis said.

That was in line with forecasts from analysts surveyed by data company Factset.

It represented an acceleration over the second half of last year, when the economy had added just 0.2% between July and September and 0.4% between October and December.

German first-quarter growth was driven by both foreign and domestic business, with investment in construction and equipment, private consumption and government spending all adding to the momentum.

Foreign trade was also a boost, with exports growing faster than imports, the statisticians said.

Using a year-on-year comparison, GDP expanded by 1.7% from the first quarter of 2016, adjusted for calendar effects, Destatis said.

That was roughly the same growth rate as in the third and fourth quarters of 2016.

 

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