Germany on track for record-breaking growth streak
- Author: Darren Santiago May 13, 2017,
May 13, 2017, 0:41
The German economy has so far expanded in 15 of the past 16 quarters - well within reach of a previous record run of 18 out of 19 quarters of growth between the mid-1970s and early 1980.
In Europe, however, investors are expecting another positive open at the bell after data showing Germany's economy grew at the fastest rate in more than a year in the first quarter as the engine room of the European recovery expands at a faster pace than both the USA and the United Kingdom.
Germany's economy gathered momentum in the first quarter of 2017, growing by a quarterly rate of 0.6 percent, with increases in both foreign and domestic demand.
Household and state spending were strong, while firms invested money in construction and equipment, said German statistics authority Destatis.
Europe's largest economy is widely forecast to maintain solid growth, despite global geopolitical and economic uncertainties.
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First-quarter GDP growth was at 0.6 per cent, this is faster than the October-December figure of 2016 which sat at 0.4 per cent.
On the year, GDP grew by 1.7% on a seasonally unadjusted basis in the first quarter, which was also in line with the consensus forecast.
"However, it should be noted that the economy would be humming less without the support of interest rates which are too low for Germany", he added.
Continued growth in wages and increased investments by businesses that feel confident about the future have the potential to drive the economy even faster, Mr Hense said.