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Investments and exports drive German surge in the first quarter
The German economy stepped up its pace of surge to 0.6% during the first quarter of this year, underpinned by sound exports, soaring investments in machinery as well as buildings, not to mention decent spending by the state and households, as data disclosed on Tuesday.
Confirming a preliminary result for surge, the Federal Statistics Office announced that exports added 1.3% on the quarter and imports soared 0.4%, meaning net trade gained 0.4%.
Investment in construction went up 2.3% during the first quarter, which is the strongest soar in three years. It added up to 0.2% points to the overall surge. An ascending population, enhanced job security along with record-low interest rates are driving a property boom in the EU’s number one economy.
Investment in equipment and machinery inched up 1.2%, contributing 0.1% to the GDP surge rate. It’s undoubtedly a sign that German companies are pushing ahead with investments notwithstanding political risks clouding the surge outlook.
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