German economy grew by less than expected in Q2

Paterniano Del Favero
Agosto 15, 2017

"The German economy continues to grow", the federal statistics office Destatis said in a statement, noting that the expansion in the April-June period was powered by strong domestic demand.

Unadjusted data showed the economy grew by 0.8% on the year in the second quarter. Economists polled by The Wall Street Journal forecast an annualized pace of 2.8%.

Europe's largest economy hence lagged behind the US, which expanded at an annualized pace of 2.6% in the same period, but slightly outpaced the 2.3% growth in the 19-country euro currency zone.

"The development of foreign trade, however, had a downward effect on growth because the price-adjusted quarter-on-quarter increase in imports was considerably larger than that of exports".

Germany's robust economy is likely to play into the hands of Chancellor Angela Merkel, who has maintained a comfortable polling lead ahead of general elections on Sep. 24. A detailed GDP report is due August 25.

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