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German economy grows at fastest pace in 3 years in 2014

by ChemOrbis Editorial Team -
  • 15/01/2015 (16:00)
According to the federal statistics office of Germany, Destatis, Germany’s economy grew 1.5% in 2014 after posting a growth rate of 0.1% in the previous year. The country’s stronger economic growth was attributed to higher domestic demand. The country’s 2014 growth figure represents the fastest pace since 2011, when the economy grew by 3.6%.

The country’s domestic demand rose 1.2% percent while imports increased 3.3%. Exports also expanded by 3.7% in 2014 following a 1.6% increase in the previous year. Household consumption, meanwhile, increased 1.1% in 2014 while government consumption increased 1%.
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