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Germany’s economic growth accelerates in Q1

by ChemOrbis Editorial Team - content@chemorbis.com
  • 24/05/2016 (14:29)
According to data released by Germany’s statistics office, Destatis, the country’s economic growth accelerated to 0.7% in the first quarter compared with a growth rate of 0.3% in the fourth quarter of 2015. The acceleration in economic growth was attributed to stronger domestic demand, especially in the construction sector, as well as higher investment. The country’s economic growth in the first three months was in line with Destatis’ expectations.

Destatis reported that Germany’s construction investment rose 2.3% in the first quarter from the previous three months while investment in machinery and equipment also climbed 1.9%. The country’s public consumption moved higher 0.5% on the quarter while household consumption grew 0.4% on the quarter in the January-March period on the back of low energy prices and a strong labor market.

However, some economists reported that the German economy may be unable to maintain its pace of growth in the second quarter as strong first quarter data was partly due to mild winter weather boosting construction activity in the first quarter.
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