Germany GDP Q1 2017

Germany

Germany: Economy accelerates in Q1

May 12, 2017

Germany’s economy accelerated in the first quarter, according to a preliminary estimate released by the Federal Statistics Office (Destatis) on 12 May. In Q1, German GDP rose a seasonally-adjusted 0.6% over the previous quarter, up from the 0.4% expansion recorded in Q4 2016 and in line with market expectations.

According to Destatis, Q1’s acceleration was broad-based and came on the back of positive contributions of both the external sector and domestic demand. Fixed investment in particular grew strongly, as mild weather buttressed construction investment. Public and private consumption also inched up. On the external front, the pickup in global trade pushed export growth above that of imports, resulting in a net contribution from the external sector to growth.

In annual terms, GDP rose 2.9% in Q1, which marked a strong acceleration from Q4’s 1.3% increase. More complete results, including a detailed breakdown by expenditure, will be released on 23 May.

The government expects economic activity to increase 1.5% in 2017 and 1.6% in 2018. FocusEconomics Consensus Forecast panelists expect economic activity to expand 1.6% in 2016, which is unchanged from last month’s forecast. For 2017, the panel forecasts GDP growth of 1.6%.


Author:, Economist

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Germany GDP Q1 2017

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics Consensus Forecast


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