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German economic growth momentum decreases in Q2: ministry

Xinhua, August 11, 2016 Adjust font size:

German economic growth momentum decreased in the second quarter of 2016 after a strong year start, said the German Economy Ministry on Thursday.

Germany's federal statistic office Destatis was set to release preliminary data of Q2 gross domestic product (GDP) on Friday. The Economy Ministry said in its monthly report on Thursday that the GDP increased less than that in the first quarter.

"Due to the mild weather, construction output in the winter was much higher than usual. The spring revival in the construction sector was thus weaker," said the ministry.

It added that the growth of private consumption was also likely to have slowed in the April-June period.

Europe's biggest economy grew by 0.7 percent in the first quarter, mainly thanks to robust private consumption, increased government spending on refugees and strong construction investment.

The Economy Ministry said the German economy remained in a good shape. The labor market was still intact. Despite increased external risks due to Brexit, the German economy could managed to adapt to new situations thanks to its geographically diversified exports. Endit