German economy is pushed into higher gear by broad-based upswing

German economy is pushed into higher gear by broad-based upswing

The German economy gained speed during the first quarter of 2017, powered by higher investment in machinery, construction and equipment, sturdy household as well as state spending, not to mention strong exports, as the Federal Statistics Office disclosed on Friday.

On the quarter in the January-March period Europe's number one economy add by 0.6% after 0.4% for the last three months of 2016, as the data disclosed.

It turned to be in line with the consensus forecast in a Reuters survey as well as the strongest quarterly surge rate since the first quarter of the previous year, when the German economy managed to expand by 0.7%.

Private households and the state ones moderately stepped up their consumption expenditures at the beginning of 2017.

On the year, Germany’s GDP tacked on by 1.7% on a seasonally unadjusted basis during the first quarter, and it was in line with the consensus prediction.

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