Overseas Economy update: Buoyant German economy shifts to a higher gear
Posted on August 17, 2018
The German economy is buoyant and has shifted to the next level in the Q2 – 2018. This was chiefly driven by higher state and household spending. It is an indication that Germany is powering ahead in spite of the key trade row with the US.
Federal Statistics Office said that the German GDP enhanced by 0.5% in Q2 2018. This falsifies the consensual forecast by economists of 0.4% growth in the Reuters poll. The FSO also revised the growth rate for Q1 2018 to 0.4% from 0.3%, as quoted by the Reuters.
A full-blown trade war between the US and the EU was highly anticipated in Q2-018. Nevertheless, the situation was eased in July. This was following the meeting between Jean-Claude Juncker European Commission President and Donald Trump the US President.
The German investor morale was boosted more than anticipated in a further positive sign said the ZEW institute. This exceeded the projection for August and followed the Washington meeting, it added.
The Government has forecast 2.3% growth for the German economy in 2018. Its estimation for 2019 is 2.1% growth. This will be well higher than the average pace for Germany in the last 1 decade.
The below statistics demonstrate German GDP from 2018 with projections till the year 2022.
|Year||GDP projection in Billion $|
GDP – Gross Domestic Product denotes the total value of all goods and services for a nation in any given year. It is a crucial indicator of the economic power of a nation. The German GDP is estimated to reach 4211.64 US$ in 2018.
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