FOREX TradingCharts.com

Financial News: German 2019 Growth Weakest In 6 Years

German 2019 Growth Weakest In 6 Years

01/15/2020 - 05:52:00 (RTTNews)

(RTTNews) - Germany's economy expanded for a tenth year in a row, but at the slowest pace in six years in 2019, preliminary figures from the statistical office Destatis showed on Wednesday.

Gross domestic product grew a price-adjusted 0.6 percent from the previous year, when it rose 1.5 percent. Economists had forecast 0.60 percent growth.

This is the longest growth phase in unified Germany, Destatis said. However, the latest growth was smaller than its 10-year average of 1.3 percent.

The latest pace of growth was the slowest since 2013, when the economy expanded 0.4 percent.

Growth continued to be driven by private consumption, which grew 1.6 percent. Government expenditure increased 2.5 percent.

Gross fixed capital formation rose sharply by 3.8 percent, led by increased investments in civil engineering and residential construction.

However, investment in equipment, mainly including investments in machinery and vehicles - rose just 0.4 percent.

Including changes in inventories, gross investments decreased 1.7 percent.

"The noticeable reduction in inventories is, among other things, the result of weak industrial production and increased exports," Destatis said.

Export growth slowed to 0.9 percent from 2.1 percent in the previous year. Imports grew 1.9 percent after a 3.6 percent rise.

The value added in manufacturing industry shrunk 3.6 percent after a 1.5 percent expansion in 2018.

Elsewhere on Wednesday, the German economy ministry said in its monthly report that the weak phase in industry has not yet been overcome, while the boom in the construction industry continues.

That said, the stabilizing tendencies in incoming orders and declining pessimism in business expectations are positive signals, the ministry added.

Destatis data also showed that employment grew by around 400,000 people from 2018 to 45.3 million. The increase was mainly due to a rise in employment subject to social security contributions.

In 2019, the general government account logged a surplus for the eighth time in a row. The budget surplus, however, fell to EUR 49.8 billion or 1.5 percent of GDP from EUR 62.4 billion in 2018.

The statistical office is set to publish the GDP figures for the fourth quarter of 2019 on February 14.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2020 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Housing Starts Spike 16.9% In December (26 min(s), 56 sec(s) ago)
(RTTNews) - After reporting significant increases in new residential construction in the two previ ...Full Story»

UK Retail Sales Fall Unexpectedly During Festive Season (01 hr(s), 38 min(s), 56 sec(s) ago)
(RTTNews) - UK retail sales declined unexpectedly even in festive season in December signaling tha ...Full Story»

Eurozone Construction Output Recovers In November (01 hr(s), 44 min(s), 56 sec(s) ago)
(RTTNews) - Eurozone construction output recovered in November, Eurostat reported Friday. Co ...Full Story»

Portugal Producer Prices Decline For Seventh Month (01 hr(s), 58 min(s), 56 sec(s) ago)
(RTTNews) - Portugal's producer prices fell for the seventh month in a row in December, figure ...Full Story»

Italy Inflation As Estimated; Trade Surplus Rises (01 hr(s), 58 min(s), 56 sec(s) ago)
(RTTNews) - Italy consumer price inflation increased in December as estimated, final data from the ...Full Story»

Nigeria Inflation At 20-Month High (02 hr(s), 09 min(s), 56 sec(s) ago)
(RTTNews) - Nigeria's consumer price inflation rose to the highest level in twenty months in D ...Full Story»

Austria Inflation Accelerates In December (02 hr(s), 10 min(s), 56 sec(s) ago)
(RTTNews) - Austria's consumer price inflation rose in December, figures from Statistics Austr ...Full Story»

Swiss Producer And Import Prices Fall In December (02 hr(s), 51 min(s), 56 sec(s) ago)
(RTTNews) - Switzerland's producer and import prices declined in December, data from the Feder ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Housing Starts Spike 16.9% In December

01/17/2020 - 08:43 AM (RTTNews)
(RTTNews) - After reporting significant increases in new residential construction in the two previ ...Full Story>>

UK Retail Sales Fall Unexpectedly During Festive Season

01/17/2020 - 07:31 AM (RTTNews)
(RTTNews) - UK retail sales declined unexpectedly even in festive season in December signaling tha ...Full Story>>

Eurozone Construction Output Recovers In November

01/17/2020 - 07:25 AM (RTTNews)
(RTTNews) - Eurozone construction output recovered in November, Eurostat reported Friday. Co ...Full Story>>

Italy Inflation As Estimated; Trade Surplus Rises

01/17/2020 - 07:11 AM (RTTNews)
(RTTNews) - Italy consumer price inflation increased in December as estimated, final data from the ...Full Story>>

Portugal Producer Prices Decline For Seventh Month

01/17/2020 - 07:11 AM (RTTNews)
(RTTNews) - Portugal's producer prices fell for the seventh month in a row in December, figure ...Full Story>>
Copyright © 2020. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.