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German growth accelerates slightly in Q2

Xinhua, August 14, 2015 Adjust font size:

German economic growth accelerated slightly in the second quarter, thanks to strong exports boosted by a weak euro, official data showed on Friday.

In the second quarter, German gross domestic product (GDP) increased by 0.4 percent from the first three months of 2015 when Europe's biggest economy expanded by 0.3 percent, German federal statistical office Destatis said.

Net foreign trade was the main driving force behind the growth, it said. Exports increased much more than imports due to the weak euro and other reasons.

Private consumption and government spending also made positive contributions to the growth, according to Destatis, but domestic investment subdued, especially in the sector of construction.

Compared with the same period of the previous year, German economy grew by 1.6 percent in the second quarter, offering jobs to 42.8 million people, 0.4 percent higher than a year earlier.

German Economy Ministry said on Wednesday that the economy was in "a solid upswing." The mood of companies remained "good and stable" despite recent restrained investment. Private consumption remained robust thanks to stable labor market, increasing wages, low interest rate, and falling energy prices.

The government expected the economy to expand by 1.8 percent over the whole year of 2015. Endit