Economy

German economy, Europe's largest, posts 0.6 pct 2Q growth

German economy, Europe's largest, posts 0.6 pct 2Q growth

While that's below the 0.7 percent estimate in a Bloomberg survey of economists, the Federal Statistics Office revised first-quarter output up to 0.7 percent.

Gross domestic product in Germany, Europe's largest economy, expanded 0.6 per cent in the second quarter from the previous three months, marking the 12th consecutive quarter of growth, according to the preliminary estimate from Destatis, Germany's federal statistics office.

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Germany maintained its solid economic performance, despite an unexpected yet mild slowdown in the second quarter.

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Looking ahead, the euro's appreciation in recent months poses a risk to future exports, economists say, as it erodes the worldwide competitiveness of goods produced in the region. Growth figures bode well for Angela Merkel as she bids for a fourth term as chancellor.

However despite missing expectations analysts remain confident that Germany's economic growth will remain robust over the coming months as record-low employment levels and rising government consumption prompted an upbeat outlook from economists.

At the same time, net trade put a damper on growth. More detailed breakdown of GDP will be released on August 25.

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In addition, government spending on refugee immigration fueled the expansion, while capital spending by businesses also increased. Corporate investments in plant and machinery also increased from the first quarter. Trade weighed on overall growth as imports rose faster than exports.

Germany's economy expanded at a slightly slower pace in the second quarter, Destatis reported Tuesday.

Germany's economy hence lagged behind the USA, which expanded at an annualized pace of 2.6% in the same period, but slightly outpaced the 2.3% growth in the 19-country euro currency zone.

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Areas in which sales saw strong growth were motor vehicles and building supplies, both of which rose 1.2% last month, with the US Dollar climbing as the data appeared to point towards a 3% GDP figure in the third quarter.