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  1. Higher exports, state spending propel German Q2 growth

Higher exports, state spending propel German Q2 growth

Higher exports, state spending and private consumption drove a 0.4 percent expansion in German gross domestic product in the second quarter, more than offsetting weaker investment by companies in Europe's biggest economy, data showed on Wednesday.

By: | Berlin | Published: August 24, 2016 1:28 PM
Confirming a preliminary reading for growth, the Federal Statistics Office said net foreign added 0.6 percentage points to GDP as exports rose 1.2 percent on the quarter and imports inched down 0.1 percent. (Source: Reuters) Confirming a preliminary reading for growth, the Federal Statistics Office said net foreign added 0.6 percentage points to GDP as exports rose 1.2 percent on the quarter and imports inched down 0.1 percent. (Source: Reuters)

Higher exports, state spending and private consumption drove a 0.4 percent expansion in German gross domestic product in the second quarter, more than offsetting weaker investment by companies in Europe’s biggest economy, data showed on Wednesday.

Confirming a preliminary reading for growth, the Federal Statistics Office said net foreign added 0.6 percentage points to GDP as exports rose 1.2 percent on the quarter and imports inched down 0.1 percent.

State spending rose 0.6 percent on the quarter, contributing 0.1 percentage points to growth as authorities spend more to accommodate and integrate a record influx of migrants.

Consumer spending edged up 0.2 percent on the quarter, adding 0.1 percentage points to GDP in the three months to June.

Investment in plant and equipment fell 2.1 percent on the quarter, subtracting 0.4 percentage points from overall economic growth.

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