German Economy Grows 1.5% In 2014; Fastest In 3 Years

Germany's economy expanded the most in three years during 2014, mainly driven by domestic demand, preliminary data from Destatis showed Thursday.

Gross domestic product grew 1.5 percent, in line with economists' expectations. The figure was much better than the modest 0.1 percent growth in 2013.

The latest growth was the fastest since 2011, when the German economy expanded 3.6 percent. It was also greater than the 10-year average of 1.2 percent, the agency said.

"Obviously, the German economy turned out to be strong in a difficult global economic environment, benefiting especially from a strong domestic demand", Destatis President Roderich Egeler said at a press conference in Berlin.

Private consumption grew 1.1 percent, faster than 0.8 percent in the previous year. Investments rebounded with 3.1 percent growth versus declines in the previous two years.

Domestic demand rose 1.2 percent and exports grew 3.7 percent. Imports also increased strongly, up 3.3 percent. The contribution of net trade to GDP growth was 0.4 percentage points.

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