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Private consumption, construction investment propel German Q1 growth
May 24, 2016 / 6:06 AM / a year ago

Private consumption, construction investment propel German Q1 growth

BERLIN, May 24 (Reuters) - Strong private consumption and higher construction investment drove a 0.7 percent rise in German gross domestic product (GDP) in the first quarter, more than offsetting weaker foreign trade in Europe’s biggest economy, data showed on Tuesday.

Confirming a preliminary reading for growth, the Federal Statistics Office said consumer spending and construction investment each contributed 0.2 percentage points to GDP in the January-March period.

State spending contributed 0.1 percentage points as authorities spent more to accommodate and integrate migrants.

Net foreign trade was a drag of 0.1 points as exports rose at a weaker pace than imports due to an economic slowdown in emerging markets such as China. (Reporting by Michael Nienaber; Editing by Madeline Chambers)

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