German Economy Buoyed by Strong Growth in Final Quarter of 2016
German Economy Buoyed by Strong Growth in Final Quarter of 2016
Berlin - Arab Today
The German economy grew by 1.9 per cent in 2016, the Federal Statistics Office announced Thursday, posting the strongest growth in five years for Europe's largest economy.
German gross domestic product (GDP) grew by 1.7 per cent in 2015.
The economy was further buoyed by 0.5-per-cent quarter-on-quarter growth in the closing quarter, dpa cited preliminary data.
The increase was attributed to a surge in private consumption, as well as boosted state spending to accommodate the hundreds of thousands of refugees and migrants who have arrived in the country in recent years.
The data signals that Germany's economy has rebounded from the shock of Britain's vote to exit the European Union in June. GDP slowed to 0.2 per cent in the third quarter in the wake of the referendum.
Analysts had predicted GDP growth for 2016 of between 1.7 and 1.9 per cent.
The Federal Statistics Office also reported a fiscal surplus of 0.6 per cent of GDP in 2016
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