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German Economic Growth Robust Despite Slowdown in Second Quarter

16 August 2017

But overall growth was dampened by net foreign trade since exports rose less strongly than imports, which the vibrant domestic economy sucked in at a higher rate.

The provisional figure was lower than the 0.7 percent forecast by analysts surveyed by Factset. Though a stronger currency shows that confidence is returning to the eurozone economy, it does have the potential to weigh on exporters as it increases the price of their goods in global markets, all other things being equal.

It is also likely to bolster expectations that the European Central Bank will begin to phase out stimulus measures next year, amid increasing signs that the region's recovery is broadening, economists say.

The Statistics Office said that growth in the April-June period was mainly driven by domestic demand as households and state authorities increased their spending and companies boosted investment in buildings and equipment.

He says "Germany's economic success story goes on and on and on".

The output figures point to a currency impact, particularly in Germany, the single currency bloc's powerhouse economy where production fell by 1.1 percent.

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Germany's economic growth slowed in the second quarter as exports cooled, official data showed Tuesday, but strong domestic demand helped to keep Europe's powerhouse humming just weeks before a general election. The Statistics Office will publish its detailed GDP growth data on August 25.

According to the flash Eurozone release, GDP increased 0.6% for the second quarter which matched the preliminary estimate and was in line with consensus forecasts.

The preliminary estimate showed GDP growth rose by 0.6% between April-June compared with the same period a year ago.

The German economy has so far expanded in 16 of the past 17 quarters - putting it on track to beat a late-1970s record for the longest-ever recovery.

The economy expanded 2.1% from a year earlier. when adjusted for working days.

German Economic Growth Robust Despite Slowdown in Second Quarter