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Financial News: German 2018 Growth Weakest In 5 Years

German 2018 Growth Weakest In 5 Years

01/15/2019 - 05:40:00 (RTTNews)

(RTTNews) - Germany's economy grew for a ninth year in 2018, but at the slowest pace in five years, largely driven by domestic demand, preliminary data from the Federal Statistical Office showed on Tuesday.

Gross domestic product rose a price-adjusted and chain-linked 1.5 percent from 2017, when it expanded 2.2 percent. The pace exceeded the average 1.2 percent growth rate of the last ten years. Growth was the weakest since 2013, when the economy expanded 0.5 percent.

On a price and calendar-adjusted and chain-linked basis, GDP grew 1.5 percent following 2.5 percent expansion in 2017.

The growth rate was the weakest in three years after a 1.5 percent expansion in 2015.

In 2018, household spending rose 1 percent and government final consumption increased 1.1 percent.

Gross fixed capital formation rose 4.8 percent and exports increased 2.4 percent. Imports climbed 3.4 percent. The balance of net trade deducted 0.2 percentage points from the German GDP growth.

Data also showed that the general government surplus was EUR 59.2 billion in 2018versus EUR 34.0 billion in 2017.

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