Germany Powers On Boosted by Domestic Demand

German economic growth doubled to the fastest rate in three years in the first three months of 2014 boosted by domestic demand and mild weather but the expansion is expected to slow as uncertainty about the global outlook could weigh further.

Preliminary data from the Statistics Office showed Europe’s largest economy grew by 0.8 percent quarter on quarter and by 2.5 percent on the year in the January-March period. That is likely to help the euro zone as a whole to meagre first-quarter growth.

“Positive impulses came … exclusively from within the country,” the Statistics Office said in a statement. “By contrast, foreign trade put the brakes on economic growth.”  The Statistics Office confirmed quarterly growth of 0.4 percent in the last three months of 2013 and year-on-year growth of 1.3 percent.

Reuters

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