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Financial News: Germany's GDP Growth Eases As Estimated In Q1

Germany's GDP Growth Eases As Estimated In Q1

05/24/2018 - 02:25:00 (RTTNews)

(RTTNews) - Germany's economy expanded at a slower pace as initially estimated in the first quarter on weak trade, detailed data from Destatis showed Thursday.

Gross domestic product grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter. This was the weakest growth in more than a year and matched the provisional estimate published on May 15.

The expenditure-side breakdown of GDP showed positive contribution from domestic demand. Gross fixed capital formation in machinery and equipment rose 1.2 percent and that in construction gained 2.1 percent sequentially.

Also, household final consumption expenditure increased slightly by 0.4 percent. However, government final consumption expenditure decreased for the first time in almost five years, by 0.5 percent.

On external trade, total exports of goods and services dropped 1.0 percent and imports decreased 1.1 percent. As a result, the balance of exports and imports had a downward effect of -0.1 percentage points on economic growth.

On a yearly basis, calendar-adjusted GDP climbed 2.3 percent after expanding 2.9 percent in the fourth quarter. Similarly, price-adjusted GDP growth eased to 1.6 percent from 2.3 percent a quarter ago. The annual rates matched flash estimate.

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