German economy picks up in Q3, tipped to fall next year
Thursday, 15 November 2007
FRANKFURT, Nov 14 (AFP): Third-quarter growth picked up in Germany, the biggest Eurozone economy, as business investment and consumer spending took over from the traditional export engine, figures released today showed.
The economy expanded by 0.7 per cent from the second quarter, when it had grown by by 0.3 per cent, the federal statistics office said.
On an annualised basis, economic activity was up by 2.5 per cent when adjusted for calendar effects.
Growth was underpinned by construction and infrastructure investments and by "a moderate increase in household spending," historically the German economy's weakest link.
Trade did not contribute this time to the higher figure "owing to a net increase in imports," the office said.
The economy expanded by 0.7 per cent from the second quarter, when it had grown by by 0.3 per cent, the federal statistics office said.
On an annualised basis, economic activity was up by 2.5 per cent when adjusted for calendar effects.
Growth was underpinned by construction and infrastructure investments and by "a moderate increase in household spending," historically the German economy's weakest link.
Trade did not contribute this time to the higher figure "owing to a net increase in imports," the office said.