German economy grew by 1.7% in 2015: statistics office

14th January 2016, Comments 0 comments

The German economy, Europe's biggest, grew by 1.7 percent in 2015, fractionally faster than in the year before, the federal statistics office Destatis said on Thursday.

At the same time, Destatis said that Germany notched up a surplus on its public budget equivalent to 0.5 percent of gross domestic product (GDP).

"The economic situation in Germany in 2015 was characterised by solid and consistent growth," said Destatis president Dieter Sarreither.

"Almost all industrial sectors saw growth," he said.

And the increased economic activity was driven primarily by domestic demand, Sarreither continued.

"Consumption was the most important growth engine in the Germany economy. Investment and foreign trade helped support the positive trend, too, but to a much smaller extent."

Private consumption was up 1.9 percent in 2015 and government spending grew by 2.8 percent.

Investment in machinery and equipment advanced by 3.6 percent.

Exports were up 5.4 percent and imports expanded by 5.7 percent.

Another key factor was the robust labour market, with more than 43 million people in employment in 2015, the highest level since unification in 1990, Destatis said.


© 2016 AFP

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