GDP growth in 2017 broad-based
According to initial calculations of the Federal Statistical Office, the German
economy expanded by 2.2% in 2017. In calendar-adjusted terms, growth was
even up by as much as 2.5%. The expansion was broad-based, with all major
GDP components recording positive results. Private consumption (+2.0%) and
gross fixed investment (+3.0%), in particular, contributed to GDP growth. At
2.6%, construction investment rose more or less by the same rate as in the
previous year, whereas investment in machinery and equipment picked up
visibly to 3.5%. Due to the lower number of refugees, government spending
decelerated, up only 1.4%.
On balance, domestic demand edged up by 2.1%.
Net exports contributed 0.2 %-points to GDP growth.