The German economy expanded at the fastest pace in six years in 2017, data from Destatis showed Thursday.
Gross domestic product grew 2.2 percent in 2017 after expanding 1.9 percent in 2016. This was the fastest growth since 2011. The economy has grown for the eighth year in a row.
GDP growth, on calendar adjustment, came in at 2.5 percent versus 1.9 percent in the previous year.
Destatis said positive contributions to growth were primarily provided by the domestic demand in 2017.
Household spending rose 2 percent and government expenditure by 1.4 percent. At 3.0 percent, growth in gross fixed capital formation was above average.
Exports increased 4.7 percent and imports by 5.2 percent. The resulting balance of exports and imports contributed +0.2 percentage points to GDP growth.
The material has been provided by InstaForex Company – www.instaforex.com
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