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German growth slows slightly in second quarter

16 August 2017

The year-on-year growth rate increased to 2.2% from 1.9% the previous quarter and was slightly above the 2.1% reported in the preliminary data.

Gross domestic product in Europe's largest economy rose by 0.6% in the April-June period.

German chancellor Angela Merkel will lead the Christian Democrat party (CDU) into next month's elections have presided over 12 straight quarters of growth.

Industrial output across the 19 countries that make up the eurozone fell in June, official figures showed Monday, in a development that likely illustrates the export-sapping impact of the rising euro.

ING economist Carsten Brzeski says "though some kind of a slowdown from current growth rates looks nearly inevitable" many signs point to more growth ahead and there's "little reason to fear a sudden end to the current performance".

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Germany's statistics body said that "positive impulses" in the second quarter came from domestic demand, as spending by households and the government increased "markedly".

The latest flash estimate published by the European Statistics Office, Eurostat, on Wednesday showed 0.6 percent growth also for the wider 28-nation European Union.

The German economy has so far expanded in 16 of the past 17 quarters - putting it on track to beat a late-1970s record for the longest-ever recovery. Though monthly figures can be volatile, the fall, the first since February, was in line with predictions in financial markets, with many economists warning about the implications of the euro's rise in recent months, particularly against the currencies of the eurozone's two biggest export markets, Britain and the U.S.

"All in all, the German economy is still thriving and now the biggest risk is probably policy complacency", said Carsten Brzeski, an economist at ING.

Destatis will release a detailed report on the second-quarter results on August 25.

German growth slows slightly in second quarter