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Financial News: Germany's GDP Growth Slows In Q1

Germany's GDP Growth Slows In Q1

05/15/2018 - 02:29:00 (RTTNews)

(RTTNews) - Germany's economic growth halved in the first quarter, data from Destatis showed Tuesday.

Gross domestic product grew 0.3 percent sequentially, slower than the 0.6 percent expansion seen in the previous quarter. GDP was expected to climb at a slightly faster pace of 0.4 percent.

Nonetheless, Destatis said this was the 15th quarter-on-quarter growth in a row, contributing to the longest upswing phase since 1991.

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

Another report from Destatis showed that employment in manufacturing units increased 2.7 percent or 146,000 year-on-year in March. Meanwhile, the number of hours worked in March decreased 5.8 percent.

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