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German economy slows in Q1

by ChemOrbis Editorial Team -
  • 22/05/2015 (13:44)
According to data compiled by Germany’s statistical office, Destatis, the country’s economy grew at a slower pace in the first quarter of this year. Germany’s gross domestic product (GDP) grew 0.3% in the first three months after expanding 0.7% in the last quarter of 2014, in line with Destatis’ expectations. The deceleration was attributed to weaker exports.

The data showed that construction investment rose 1.7% while government spending climbed 0.7% in the January-March period. Capital spending increased 1.5% and private consumption was up 0.6% on the back of an improving labor market, higher wages and lower energy prices. However, a 1.5% increase in imports was offset by weaker exports which grew 0.8% in the first quarter.

On a yearly basis, meanwhile, the country’s GDP rose 1% in the first three months.
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