Tuesday, 17 October, 2017

German growth slower, but still strong ahead of election

Wage rises ahead in Germany German growth slows slightly in second quarter: data
Jeannie Matthews | 16 August, 2017, 15:44

But overall growth was dampened by net foreign trade since exports rose less strongly than imports, which the vibrant domestic economy sucked in at a higher rate.

"Stronger domestic consumption, higher imports, more state spending - all of this had been asked of Germany to reduce the imbalance within the euro-area and with the United States", they said in a client note.

Alexander Krueger, an economist at Bankhaus Lampe, said: "The German economy is proving its staying power, the upswing continues".

It is also likely to bolster expectations that the European Central Bank will begin to phase out stimulus measures next year, amid increasing signs that the region's recovery is broadening, economists say.

Preliminary GDP data for Germany revealed growth of 0.6% in the June quarter, just shy of market forecasts of 0.7%. "Germany´s economic success story goes on and on and on", ING Bank analyst Carsten Brzeski said, adding there was very little reason to fear a sudden end to the current performance. This compared with a consensus forecast of 1.9 percent.

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However, it was a strong enough result to help push the annual rate of growth up to 2.1%, Germany's fast rate of growth since the first quarter of 2014.

In the second quarter, growth was driven by domestic demand, the statistics office said.

The German economy extended its growth spurt in the second quarter, playing into the hands of Angela Merkel as she bids for a fourth term as chancellor.

As a effect, and following revisions to GDP data before 2017, economists at Commerzbank raised their growth forecast for the German economy to 2% this year from an earlier estimate of 1.6%.

Demand from households and government increased "markedly", and capital expenditure on machinery, equipment and in construction and other fixed assets rose compared with the first quarter. In the first quarter of 2017, GDP grew by 0.5 percent in both zones.

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