|
Surprise Jump in German GDP Growth Due to Foreign Trade, Domestic Consumption |
|
|
|
European Economy |
Written by CEP News |
May 15 08 06:15 GMT |
|
|
(CEP News) Frankfurt - On Thursday, the Federal Statistics Office (Destatis) reported that the German economy expanded 1.5% in seasonally adjusted terms, quarter-over-quarter in Q1 of 2008, far above the expected 0.7 growth rate. In non-seasonally adjusted terms, GDP grew 1.8% on a quarterlly basis.
Annually, German GDP increased 2.6% and 1.8% in weighted and non-seasonally adjusted terms respectively in the first quarter of 2008. Economists had expected a weighted daily average GDP growth rate of 1.8%, unchanged from the prelimininary estimate. Without taking seasonality into account, the consensus forecast was for an expansion of 1.6%, also unchanged from the preliminary estimate and the previous quarter. "Economic growth was based on both domestic uses and foreign trade," Destatis elaborated in a press release. "In particular gross capital formation experienced a rise on the fourth quarter of 2007 and on a year earlier. The same was true, albeit to a lesser extent, of final consumption expenditure." Destatis also noted that positive contribution of net exports to GDP, though the Statistics Office emphasized that this was only seen in a year-on-year comparison. By Todd Wailoo,
This email address is being protected from spam bots, you need Javascript enabled to view it
|
