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German economy grows at fastest pace in 4 years in 2015

by ChemOrbis Editorial Team -
  • 14/01/2016 (16:00)
According to preliminary data from Germany’s Federal Statistics Office, the country’s economy expanded at the fastest pace in four years in 2015, growing by 1.7% in line with the government’s expectations, up from 1.6% in 2014. Reuters’ economists had also expected the Germany economy to grow by 1.6% in 2015.

Stronger growth was attributed to rising private consumption while household spending was boosted by wage increases, low inflation and a record high employment rate. The data showed that private consumption rose 1.9%, the strongest rate since 2000 while government spending increased 2.8% from 1.7% in 2014, posting the fastest rate of growth seen since 2009. Exports rose 5.4% while imports posted a slightly larger increase of 5.7% in 2015.

For this year, the German government expects the economy to grow by 1.8%.
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