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German Economy Powers Ahead, but Exports Cloud Picture

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Germany more than doubled its economic growth rate in the first quarter as higher state and household spending more than offset a fall in exports, the Federal Statistics Office said on Friday.

The economy grew by 0.7 percent, the highest quarterly rate since an identical reading in the first quarter of 2014.

That beat the rate of 0.6 percent registered across the euro zone, cementing Germany’s position as the bloc’s economic engine. A Reuters poll had forecast that figure for Germany alone.

Milder winter weather in Germany prompted a rise in investment on construction and capital goods, the statistics office said.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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