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Financial News: German Growth Sustained Strong Momentum In Q1, Bundesbank

German Growth Sustained Strong Momentum In Q1, Bundesbank Says

03/19/2018 - 09:27:00 (RTTNews)

(RTTNews) - Germany's robust economic momentum was likely sustained in the first quarter and continued to be led by the industry which remained strong, thanks to increased orders in the second half of last year, the Bundesbank said in its monthly report released Monday.

The slight decline in the Ifo survey's expectations index is set to affect only the second quarter, the bank noted. The latest Ifo survey showed that the German business confidence weakened notably in February as near term outlook of firms deteriorated on political uncertainty and market turmoil.

The construction sector is also doing well amid excellent order situation, the Bundesbank report said. However, the bank said several capacity bottlenecks are likely to hamper the rapid expansion of the sector and hence, its contribution to growth is set to be modest in the current quarter.

Strong momentum in the labor market was sustained and private consumption continued to provide support, the report added.

The biggest economy in the euro area expanded at a solid pace in the fourth quarter of 2017, largely driven by foreign demand. Gross domestic product grew 0.6 percent, but slightly slower than the 0.7 percent expansion seen in the third quarter. Recent economic indicators have also not been very upbeat. Factory orders declined the most in a year during January, dragged by sluggish demand, both domestic and foreign. Production and exports also fell at the start of the year.

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