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Higher consumer spending helps boost German economy

13 May 2017

The German economy has so far expanded in 15 of the past 16 quarters - well within reach of a previous record run of 18 out of 19 quarters of growth between the mid-1970s and early 1980.

In a report, Statistisches Bundesamt Deutschland said that German GDP rose to a seasonally adjusted 0.6%, from 0.4% in the preceding quarter Confirmation of the quarterly growth rate for Q4 was at 0.4%.

It represented an acceleration over the second half of past year, when the economy had added just 0.2 per cent between July and September and 0.4 per cent between October and December.

The initial official look at Gross Domestic Product growth for the Eurozone's largest national economy in the first quarter of 2017 came in at 0.7% on the quarter.

"Germany's economic performance is a never-ending success story".

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Meanwhile, a weak euro makes German exports more price competitive.

The positive development was boosted by higher investments and domestic consumption, as well as booming exports, it said.

The increase, according to figures adjusted for price, seasonal and calendar variations, followed 0.4 percent growth in the last quarter of 2016.

"However, it should be noted that the economy would be humming less without the support of interest rates which are too low for Germany", he added.

Europe's biggest economy grew by 0.6 percent on the quarter in the January-March period after 0.4 percent in the final three months of 2016, the data showed.

Higher consumer spending helps boost German economy