Economy: German Economy Grows 0.4% in Q4 of 2016

Berlin, The German economy grew 0.4 percent in the final quarter of 2016, official data showed Tuesday. German news agency DPA reported today that the higher growth was mainly due to greater private consumption and a construction boom. the Federal Stat…

Berlin, The German economy grew 0.4 percent in the final quarter of 2016, official data showed Tuesday.

German news agency DPA reported today that the higher growth was mainly due to greater private consumption and a construction boom. the Federal Statistical Office said today that Europe’s largest economy grew by 0.4 percent in the three months ending December 31 compared to the previous quarter. Growth in the third quarter of 2016 was 0.1 percent. For the full year, Germany posted economic growth of 1.9 percent, the country’s best result in five years.

German’s statistics office says that foreign trade held back growth in the last three months of the year, with imports growing much faster than exports. Growth was supported however by government spending, and a small pick-up in consumer spending too.

Source: Qatar News Agency