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Monday, January 22, 2018

German economy grew 2.2% in 2017

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The German economy grew 2.2 percent in 2017, enjoying its fastest rate of expansion since 2011, official data for Europe's top economy showed Thursday.

The expansion, which was in line with forecasts from leading economic think-tanks and the OECD, was driven by big increases in the rate of growth in investments and exports, officials from statistics authority Destatis said at a Berlin press conference.

Meanwhile, expansion in private and government consumption slowed compared with 2016. Growth was also almost one percentage point higher than the 1.3-percent average recorded over the past 10 years. And Germany notched up a record government budget surplus of 1.2 percent of GDP, Destatis said.

-AFP, Frankfurt

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