Germany more than doubles economic growth rate in Q1

Germany more than doubles economic growth rate in Q1
May 13, 2016 - 13:08 AMT

PanARMENIAN.Net - Germany more than doubled its economic growth rate in the first quarter of the year according to official figures, BBC News reports.

It grew by 0.7% between January and March, according to the federal statistics office, Destatis, compared with 0.3% in the final quarter of 2015.

Annual growth in the eurozone's largest economy was estimated at 1.3% compared with a year ago.

The figures come ahead of the release of a new estimate for first quarter GDP for the eurozone as a whole.

Germany's trade surplus shrank after imports grew more quickly than exports over the period thanks to strong domestic demand.

Destatis said that both private households and the German government increased their spending and investments were also higher.

Mild weather helped to increase construction.

The first growth estimate of the 19-nation eurozone bloc showed it as 0.6% stronger in the first three months of the year.

Related links:
BBC. German economic growth best for two years
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