Sunday 22 October 2017

Germany regains position as European powerhouse

Chancellor Angela Merkel arrives for a meeting of the Christian Democratic Union’s parliamentary group in Berlin yesterday, following news of economic improvements. Photo: Getty Images
Chancellor Angela Merkel arrives for a meeting of the Christian Democratic Union’s parliamentary group in Berlin yesterday, following news of economic improvements. Photo: Getty Images

Germany restored its position as Europe's economic powerhouse in the last quarter as domestic spending surged and trade contributed to growth, boosted by falling energy costs.

Gross domestic product in the region's largest economy expanded 0.7pc in the three months through December, according to the Federal Statistics Office.

Confirming a February 13 estimate. Private consumption climbed 0.8pc, capital investment rose 1.2pc and exports jumped 1.3pc.

"Powerful trickle-down effects from a lower oil price and a weaker euro exchange rate continued to lift the German economy," said Andreas Rees, an economist at UniCredit.

"It is hard not to be reasonably optimistic in Germany these days."

(Bloomberg)

Irish Independent

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