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Financial News: Germany's Economic Growth Rises In Q4

Germany's Economic Growth Rises In Q4

02/14/2017 - 05:04:00 (RTTNews)

(RTTNews) - German economic growth improved on domestic demand and investment in the fourth quarter of 2016 amid weak contribution from the net trade.

Gross domestic product expanded 0.4 percent sequentially, faster than the revised 0.1 percent rise seen in the third quarter, data from Destatis showed Tuesday.

However, the rate of growth was slightly weaker than the expected 0.5 percent. The third quarter growth was revised down slightly from 0.2 percent.

The calendar-adjusted GDP climbed 1.7 percent year-on-year, the same pace of growth as registered in the previous three months. GDP was forecast to climb 1.8 percent.

At the same time, the unadjusted GDP grew at a slower pace of 1.2 percent annually after expanding 1.5 percent a quarter ago.

The expenditure-side breakdown of GDP showed that major contributions to growth came from domestic demand and capital formation, while foreign trade had a downward effect on growth.

Government spending advanced markedly, while household spending rose slightly in the fourth quarter. A large positive development was observed for capital formation, especially in construction.

According to provisional calculations, the development of foreign trade had a downward effect on growth as the quarterly increase in imports was markedly larger than that of exports.

Detailed results are set to be released on February 23.

The largest Eurozone economy had a steady growth throughout the year. In 2016 as a whole, the economy expanded 1.9 percent. The statistical office thus confirmed the provisional data published in January.

The German growth performance in 2017 will highly depend on the domestic side of the economy, Carsten Brzeski, an economist at ING said.

With increased uncertainties in two of the most important trading partners, namely the US and the U.K. and political uncertainties in the Eurozone, significant downward risks for 2017 come from the outside world, he noted.

He added that beyond 2017, probably the biggest risk are the upcoming elections in Germany itself.

In the Winter forecast, the European Commission raised Germany's growth for this year to 1.6 percent and the outlook for next year to 1.8 percent.

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