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Financial News: German Economy Picking Up Speed: Bundesbank

German Economy Picking Up Speed: Bundesbank

07/23/2018 - 09:27:00 (RTTNews)

(RTTNews) - The German economy gained somewhat more momentum in the second quarter than at the start of the year, Bundesbank said in its monthly report on Monday.

The bank said activity in the first quarter was dampened by special factors such as exceptionally virulent wave of flu and a marked decline in government consumption.

In the second quarter, private consumption remained a cornerstone of economic growth. This was helped by the excellent labor market situation and strong wage growth, Bundesbank said.

Industrial activity gained traction again, the bank noted. In the Bundesbank's estimation, manufacturing could be gaining greater prominence again as a key driver of economic activity. However, experts do not expect growth rates to be as high as last year. The construction sector is also expected to log strong growth.

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