German economy grows by 1.5% in 2014: data

15th January 2015, Comments 0 comments

The German economy, Europe's biggest, braved global economic storms to expand 1.5 percent in 2014, better than the government had expected, a flash estimate showed on Thursday.

And Germany's public finances were in order too, with the overall public budget showing a surplus equivalent to 0.4 percent of gross domestic product (GDP), the federal statistics office Destatis said in a statement.

"On the whole, the German economy turned out to be stable on an annual average in 2014," the statement said.

At 1.5 percent, GDP growth was "above the average of the last 10 years of 1.2 percent," the statisticians said.

The government had been pencilling in growth of 1.2 percent for 2014.

In the preceding two years, the German economy had clocked up only very modest growth of 0.4 percent in 2012 and a meagre 0.1 percent in 2013.

"Obviously, the German economy turned out to be strong in a difficult global economic environment, benefiting especially from a strong domestic demand," Destatis chief Roderich Egeler told a news conference.

"The economic situation had stabilised towards the end of 2014, following a dynamic start into the year and the subsequent period of weakness last summer," he said.

© 2015 AFP

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