German Economy Grew By 1.9% In 2016: Statistics Office
Mohammad Ali (@ChaudhryMAli88) Published January 12, 2017 | 02:55 PM
BERLIN, , (UrduPoint / Pakistan Point News - 12th Jan, 2017 ) - The German economy, Europe's largest, grew by 1.9 percent in 2016 powered by private consumption and state spending on refugees, the Federal statistics office Destatis said Thursday in a preliminary estimate.
The estimate beats last year's growth figure of 1.7 percent but is still subject to change once the official fourth quarter results are in. "Domestic consumption was decisive for the positive development in the German economy in 2016," Destatis said in a statement, pointing to 2.0-percent growth in private consumption and a 4.2 percent increase in government spending.
"One of the reasons for this strong growth is that a large number of people seeking refuge immigrated, which resulted in considerable costs," Destatis said. Exports, traditionally the motor of the German economy, were less critical in 2016, expanding 2.
5 percent as imports increased 3.4 percent.
Overall growth overshot the 1.8-percent forecast of the Bundesbank, Germany's central bank -- which had already upped its forecast for the year in December. It was the fastest growth recorded in Germany since 2011 -- when the economy expanded by 3.7 percent.
Destatis noted that 2016 saw growth 0.5 percent higher than the average of the past 10 years. The statisticians also noted that Germany notched up a surplus on its public budget equivalent to 0.6 percent of gross domestic product (GDP).
In absolute terms, German GDP increased to more than 3.1 trillion Euros -- consolidating its position above the 3.0 trillion threshold breached for the first time in 2015.
Related Topics
Recent Stories
Scotland's leader Yousaf quits after a year
Services of GDA Pakistan China Friendship Hospital launched
Mining giants Vale, BHP propose $25 bn settlement over Brazil dam collapse
Georgia ruling party stages mass rally to counter protests
Bayern ready for 'extraordinary' Bellingham, says Tuchel
PTI leaders get interim bail
Tennis: ATP/WTA Madrid Open results - 2nd update
French actor Depardieu released after sexual assault questioning
Book launching ceremony held at Allama Iqbal Open University (AIOU)
Foreign travellers laud Pakistani police for extending help in Upper Kohistan la ..
Committed to resolve issues through dialogue: Rana Ihsaan
AC seizes one pistol for no-verification of arms license
More Stories From Business
-
US stocks rise on tech outlook as yen rebounds
2 hours ago -
Philips settles US sleep machine cases for $1.1 billion
2 hours ago -
G7 eyes possible end date for coal-fired power plants
2 hours ago -
Continuing tight monetary stance SBP maintains policy rate at 22%
3 hours ago -
BankIslami achieves remarkable financial results of Rs 6.3 Billion
3 hours ago -
FM Dar meets Saudi Energy Minister
3 hours ago
-
Punjab to unveil comprehensive initiatives in upcoming budget: Minister
3 hours ago -
Agri experts stress quality seed at farm level to overcome food insecurity
4 hours ago -
US stocks rise on tech outlook as yen rebounds
4 hours ago -
PSMA refutes news about ban on sugar export
3 hours ago -
SBP decides to keep policy rate unchanged at 22 per cent
5 hours ago -
Cheema for tapping Pakistan-Kazakhstan trade potential
5 hours ago