2017.02.2302:32:00UTC+00Germany's GDP Growth Accelerates As Estimated In Q4

Germany's economic growth accelerated as estimated in the fourth quarter, detailed results from Destatis showed Thursday.

Gross domestic product grew 0.4 percent sequentially in the fourth quarter, faster than the 0.1 percent expansion seen in the third quarter.

The calendar-adjusted GDP growth held steady at 1.7 percent in the fourth quarter. On an unadjusted basis, GDP climbed 1.2 percent after climbing 1.5 percent a quarter ago.

The fourth quarter growth figures were left unrevised.

The economic situation in Germany in 2016 was characterized by solid and steady growth, Destatis said.

For the whole year of 2016, GDP advanced by calendar-adjusted 1.8 percent. The provisional annual GDP result released in January has been confirmed.

Quarter-on-quarter, positive contribution mainly came from domestic demand. Government spending advanced 0.8 percent and household spending by 0.3 percent.

Gross fixed capital formation in construction gained 1.6 percent, while that in machinery and equipment fell slightly 0.1 percent. On the whole, domestic uses rose by 0.9 percent.

The development of foreign trade, however, had a downward effect on growth because the increase in imports of 3.1 percent was markedly larger than the 1.8 percent rise in exports.

Consequently, the balance of exports and imports of goods and services as a whole had a negative effect of 0.4 percentage point on GDP growth.