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Germany’s economic growth accelerates in Q4

by ChemOrbis Editorial Team -
  • 24/02/2015 (14:20)
According to a report released on February 24 by the federal statistics office of Germany, Destatis, the country’s economy improved in the last quarter of 2014. The country’s gross domestic product (GDP) increased 0.7% on a quarterly basis in the October-December period, in line with initial estimates.

The speed up in the economy was attributed to stronger foreign demand and household spending. Foreign demand improved significantly with exports rising by 1.3% and imports by 1% while household spending rose 0.8% in the last three months ending December.

For the full year of 2014, Germany’s GDP climbed 1.6% compared with an increase of 0.1% in the preceding year. The government forecast the economy to grow by 1.5% this year on the back of the weaker euro and lower oil prices.

Meanwhile, Destatis also announced the country’s financial surplus in a separate report. Accordingly, the country’s financial surplus constituted 0.6% of the country’s gross domestic product (GDP) which is larger than the initially estimated rate of 0.4%.
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