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在线翻译:
szdaily -> World Economy -> 
German growth halves due to weak trade
    2018-05-17  08:53    Shenzhen Daily

GERMAN growth halved in the first quarter of the year due to weaker trade and less state spending, data showed Tuesday, though analysts said they saw it as a temporary blip.

Europe’s biggest economy grew by 0.3 percent in the first three months, the slowest rate since the third quarter of 2016, preliminary data from the Federal Statistics Office showed.

This compared with 0.4 percent predicted in a forecast of analysts and followed an expansion rate of 0.6 percent in the final three months of last year.

Still, it marked the 15th consecutive quarter of expansion, the longest period of uninterrupted growth since German reunification.

“Is it a pause or a fundamental shift? For us, the answer is clear: It’s just a blip,” DekaBank analyst Andreas Scheuerle said. He pointed to continued strong foreign demand and vibrant domestic activity due to record employment and rising wages.

“However, this should not hide the fact that risks to the economic outlook have risen not least due to the neo-protectionist aspirations and sanctions policy of the U.S. Government,” Scheuerle added.

The statistics office said positive contributions in the first quarter came mainly from domestic demand while trade was weak.

“Investment rose sharply, with significantly more investment in construction, but also in equipment,” the office said. Household spending rose slightly while state consumption fell.

On the year, the German economy grew by a calendar-adjusted 2.3 percent in the first quarter, the data showed. This was just short of the consensus forecast of 2.4 percent.

The office also confirmed full-year GDP growth of 2.2 percent in 2017 which translated into a calendar-adjusted rate of 2.5 percent. This was the strongest pace since 2011.

The DIHK Chambers of Commerce and Industry also blamed the slowdown in the first quarter on a flu epidemic, an unusually high number of strikes and an above-average number of holidays. (SD-Agencies)

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