Domestic demand drives bumper growth in Germany
Seasonally adjusted data confirms GDP rose by 0.7 per cent in second quarter
Private consumption added 0.5 percentage points to GDP in the second quarter, data showed today. Photograph: Chris Ratcliffe/Bloomberg
Domestic demand and construction spending drove growth in Europe’s largest economy between April and June, contributing to the strongest quarterly expansion in more than a year.
The seasonally adjusted data from the Federal Statistics Office confirmed an earlier flash estimate showing Germany’s gross domestic product (GDP) rose by 0.7 per cent on the quarter and increased by 0.9 per cent on the year in the second quarter.
Private consumption added 0.5 percentage points to GDP in the second quarter, construction spending contributed 0.3 percentage points and foreign trade 0.2 percentage points. (Reuters)