Germany's economy grows strongly in Q1 2017

Author

13 May, 2017

The growth pick up contrasts with a slowdown in the eurozone's second biggest economy France in Q1 and means Germany's GDP rate exceeded that of the United Kingdom and USA at the start of the year.

First-quarter GDP growth was 0.6%, faster than the October-to December 2016 figure of 0.4%.

The Federal Statistical Office said Friday that the mild winter helped the construction industry do particularly well, but investment in machinery and equipment was "markedly up" in the January-March period compared with the previous quarter.

When compared to the same period a year ago, the economy - Europe's largest - grew by 1.7%.

Without seasonal adjustment annualized growth was 2.9%, a tick above expectations, and the German statistics office said there was some evidence that domestic consumption helped growth.

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Germany's economy expanded by 0.4 percent in the fourth quarter of 2016.

In a report, Statistisches Bundesamt Deutschland said that German GDP rose to a seasonally adjusted 0.6%, from 0.4% in the preceding quarter Confirmation of the quarterly growth rate for Q4 was at 0.4%.

"However, it should be noted that the economy would be humming less without the support of interest rates which are too low for Germany", he added.

The increase brought the overall level to 16.228-million, the highest level since the third quarter of 2008 just before the global financial crisis began taking its toll on the French economy.


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