German economy sees strong expansion in first quarter

German growth accelerated in the first quarter, while the French economy continued to add jobs.

European stocks are set to open mixed this morning, with investors focused on strong first quarter economic data from Germany as the region's benchmark test multi-year highs.

German statistics authority Destatis said that household state spending was strong and firms invested their money into construction and equipment.

Using a year-on-year comparison, GDP expanded by 1.7 per cent from the first quarter of 2016, adjusted for calendar effects, Destatis said. Also, the German consumer price inflation (CPI) for the month of April, came in line with anticipations but was defied by market participants.




Germany's economy has been enjoying a sweet spot of late, marked by rising growth, expanding trade, and falling unemployment.

Europe's biggest economy grew by 0.6 percent on the quarter in the January-March period after 0.4 percent in the final three months of 2016, the data showed.

The increase brought the overall level to 16.228-million, the highest level since the third quarter of 2008 just before the global financial crisis began taking its toll on the French economy.

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.

(Copyright © 2015. All Rights Reserved.)
 
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