Frankfurt am Main: The German economy expanded sharply in the first three months of 2017, official data showed on Friday, adding to signs that economic recovery under way in the European powerhouse is gathering pace.
Germany’s gross domestic product (GDP) grew 0.6% in the first quarter compared with the previous three months, adjusted for price, seasonal and calendar effects, federal statistics authority Destatis said.
That was in line with forecasts from analysts surveyed by data company Factset.
It represented an acceleration over the second half of last year, when the economy had added just 0.2% between July and September and 0.4% between October and December.
First-quarter growth was driven by both foreign and domestic business, with investment in construction and equipment, private consumption and government spending all adding to the momentum.
Foreign trade was also a boost, with exports growing faster than imports, the statisticians said.
Using a year-on-year comparison, GDP expanded by 1.7% from the first quarter of 2016, adjusted for calendar effects, Destatis said.
That was roughly the same growth rate as in the third and fourth quarters of 2016. - AFP
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