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German economy expands

August 14, 2015

German gross domestic product (GDP) rose by 0.4 percent in the second quarter, compared to the previous quarter. Low oil prices and a weak euro boosted exporters, fueling growth.

https://p.dw.com/p/1GFNP
Deutschland Wirtschaft Exporte in Metall- und Elektrobranche
Image: picture-alliance/dpa/P. Pleul

Growth for the April to June period came in at 1.6 percent compared with the same period the year before and at 0.4 percent compared with the previous quarter, according to Germany's statistics office Destatis. In the first quarter, Germany's economy exapnded by 0.3 percent.

The weak euro and low oil prices boosted Germany's traditional engine of growth - exporters. Preliminary data show that exports grew at a much faster rate than imports in the second quarter.

"Growth isn't rapid, but it's on a solid footing," Nordea economist Holger Sandte told the Reuters news agency, adding that the lackluster global economy was preventing higher growth.

On Friday, oil prices dropped to a six-year low, with North Sea Brent crude down four cents to $49.18, remaining below the psychologically important $50 a barrel.

US light crude dropped 24 cents to $41.99 in afternoon trade, the lowest price since March 2009.

Germany's statisticians also noted that private consumption and public spending picked up. Investments in the construction sector, however, were below par. Inventories also dropped "significantly," according to Destatis.

ng/uhe (dpa, Reuters)