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German economic growth accelerates to 0.6 pct in Q1

Xinhua, May 12, 2017 Adjust font size:

Germany's economy picked up speed for the first quarter 2017, growing at a quarterly rate of 0.6 percent, the Federal Statistics Office reported on Friday.

The quarter-on-quarter growth in the European Union's largest economy after price, seasonal and calendar adjustments, was the fastest since the first quarter of 2016, driven by both domestic and foreign demand.

Higher investment in construction, machinery and equipment, rising household and government spending as well as strong exports, contributed to the growth in the first three months.

Economic growth accelerated year on year, too. The price-adjusted gross domestic product (GDP) was up by 2.9 percent compared with the same quarter 2016. After the calendar adjustment, year-on-year growth was 1.7 percent.

The quarterly growth rate for the fourth quarter was unchanged at 0.4 percent.

For the whole year 2016, economic growth after seasonal and calendar adjustments was confirmed at 1.8 percent. Endi