Germany’s economic growth accelerates in Q4
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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