German growth strongest in 4 years
Print Edition
THE German economy grew by 1.7 percent in 2015, the strongest rate of expansion in four years, driven by robust increases in private and public consumption, a preliminary estimate from the Federal Statistics Office showed yesterday.
Domestic demand, fueled by solid wage increases, low inflation and record high employment, is compensating for weaker trade, the traditional driver of Europe’s largest economy.
“Germany is on a steady expansion driven by domestic demand,” said Holger Schmieding of Berenberg Bank.
Officials from the statistics office said the full-year estimate suggested that gross domestic product grew by about 0.25 percent in the fourth quarter of last year, although they cautioned that this was a very rough projection as full numbers for the period are not yet available.
Economists polled by Reuters had expected slightly more modest GDP growth of 1.6 percent for 2015, the same rate as in 2014.
Private consumption expanded by 1.9 percent, its strongest full-year rise since 2000, contributing 1 percentage point to 2015 growth. Public spending grew by 2.8 percent, adding 0.5 points to GDP, while trade contributed 0.2 points, although imports expanded at a slightly higher rate than exports.
The GDP rise was in line with the government’s forecast. For 2016, Berlin expects a growth of 1.8 percent. A record influx of more than a million migrants last year is pushing state spending higher as authorities spend more on housing and integration measures.
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