German economy, Europe's largest, posts 0.6 pct 2Q growth

German growth slows slightly in second quarter: data

German growth slows but remains robust

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.

Growth was driven by consumer and state spending plus company investment.

The economic data pictured Germany as enjoying stable rates alongside other European Union nations.

"The development of foreign trade, however, had a downward effect on growth because the price-adjusted quarter-on-quarter increase in imports was considerably larger than that of exports", it added.

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Looking ahead, the euro's appreciation in recent months poses a risk to future exports, economists say, as it erodes the worldwide competitiveness of goods produced in the region.

It is also likely to bolster expectations that the European Central Bank will begin to phase out stimulus measures next year, amid increasing signs that the region's recovery is broadening, economists say.

Germany's 0.6% growth figure was the same as the broader Eurozone.

"Germany's economic success story goes on and on and on", said Carsten Brzeski of ING Diba bank.

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But most forecasters say that Germany's economy should maintain its solid performance in the next few quarters. Though a stronger currency shows that confidence is returning to the eurozone economy, it does have the potential to weigh on exporters as it increases the price of their goods in worldwide markets, all other things being equal.

"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.

Eurozone gross domestic product (GDP) expanded by 0.6 percent in the second quarter compared with the first three-month period of 2017, boosting the bloc's annualized growth rate to 2.2 percent.

The German economy expanded 0.6% with French and Italian growth of 0.5% and 0.4% respectively.

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

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