Germany logs biggest growth in 6 years
January 11, 2018
Europe's largest economy expanded by 2.2 percent in 2017, the Federal Statistics Office (Destatis) reported Thursday.
The figure was up from the 1.9-percent growth rate recorded for the previous year, despite a lower number of working days in 2017.
Destatis noted the positive full-year result came on the back of strong domestic consumption, rising exports, a boom in the building sector and higher investments by companies.
Budget surplus again
The government in Berlin and leading German research institutes said they expected growth to be about the same this year, backed by record employment and rising wages that would further fuel consumption.
Economists noted that certain risks remained nonetheless, such as the uncertain outcome of the Brexit negotiations between Brussels and the UK, tensions on the Korean peninsula and possible new trade barriers which would hurt Germany as an export nation.
In a separate note, Destatis on Thursday said Germany again booked a budget surplus in 2017 — 1.2 percent of gross domestic product (GDP), up from 0.8 percent in 2016.
hg/aos (Reuters, dpa)