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German economy remains on growth path: finance ministry

Xinhua, August 19, 2016 Adjust font size:

The German economy would continue to grow in the coming months despite a slowdown in the second quarter and risks due to Brexit, said the German Finance Ministry on Friday.

"The good state of the German economy speaks for a continuation of the economic upturn in the coming months, though external risks have increased with the Brexit referendum," said the ministry in its monthly report.

Germany's gross domestic product (GDP) increased by 0.4 percent in the second quarter of 2016, following a growth of 0.7 percent in the first quarter.

The Finance Ministry said Germany's labour market was still in good shape. Tax revenues also increased in the past months.

"The underlying pace of revenue growth remains positive and is in line with the overall economic development," it said.

In the first seven months of 2016, German federal tax revenues increased by 3.6 percent year on year. Endit