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German economy grows by 0.7% in Q4 2014: data
[FRANKFURT] The German economy, Europe's biggest, expanded by a surprisingly strong 0.7 per cent in the fourth quarter of 2014, bringing full-year growth to 1.6 per cent, official data showed on Friday.
"The German economy regained momentum at the end of last year," the federal statistics office Destatis said in a statement.
"After the robust start in the first quarter and subsequent weakness in the second and third quarters, the economy stabilised again in the final quarter." In a preliminary estimate last month, Destatis had calculated that gross domestic product (GDP) expanded by 1.5 per cent in the whole of 2014 and that fourth-quarter growth was "around a quarter of a percentage point." The main growth driver was consumer spending, the statisticians explained.
Investment was also positive, particularly in equipment and construction.
And both imports and exports also rose strongly, Destatis added.