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Household spending drove growth figures in Germany, raising it to levels above par with Eurozone average. Growth figures more than doubled in the first quarter as higher spending by state and households outpaced fall in exports, reports by the countrys Federal Statistics Office said on Friday.
The economy grew by 0.7 pct, posting the highest quarterly rate since an identical reading in the first quarter of 2014. However, the figure beat the registered average Eurozone growth of 0.6 pct, establishing Germany as the Euro blocs economic engine.
The German Economy Ministry said that it had expected a timid growth figure, bending to economists view that the impact of weaker exports would ultimately weigh on the countrys demand performance. In line with the International Monetary Fund, the Economy Minister, Sigmar Gabriel commented that the government needs to infuse investment in sectors like education, infrastructure and innovation.
The IMF and the Organization for Economic Cooperation and Development have urged Germany to increase investment and to overhaul its labor market and pension system.
"Trade remains the problem child because of weakness in emerging markets," said Ulrike Kastens, an economist at Sal. Oppenheim.
Meanwhile mild winter weather conditions in Germany prompted investment in construction and capital goods, data statistics reported. Also, private consumption has also overtaken trade as the most important driver of growth for the German economy, with record-low unemployment, low interest rates and higher wages encouraging consumers to spend more, reports confirmed.
