Published: Sat, May 13, 2017
Finance | By Laverne Griffith

German economy surges by 0.6% in Q1 of 2017

The economy is forecast to grow 0.6 percent sequentially, following a 0.4 percent increase in the fourth quarter.

Nonfarm private-sector payrolls rose by 49,400, or 0.3%, in the first quarter, after rising an upwardly revised 67,300, or 0.4%, in the previous quarter, Insee said in a first estimate for the first three months of 2017.

It represented an acceleration over the second half of past year, when the economy had added just 0.2 per cent between July and September and 0.4 per cent between October and December.

First-quarter GDP growth was at 0.6 per cent, this is faster than the October-December figure of 2016 which sat at 0.4 per cent.

"Germany's economic performance is a never-ending success story", commented analyst Carsten Brzeski of ING Diba bank.

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Falih also said that leading indicators showed crude supply-demand was in deficit as the market was moving towards rebalancing. The move dragged market sentiment back in favor of oil prices above $55 per barrel for the first quarter of the year.

Foreign trade was also a boost, with exports growing faster than imports, the statisticians said.

Europe's biggest economy grew by 0.6 percent on the quarter in the January-March period after 0.4 percent in the final three months of 2016, the data showed.

Meanwhile, a weak euro makes German exports more price competitive.

Across the Atlantic, President Donald Trump has yet to impose protectionist measures against imports into the United States or target alleged "currency manipulators" - which he has accused Germany and China of being - as he promised during his "America First" election campaign. It was driven by investment and consumption, according to new official figures.

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