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German GDP growth slower at the beginning of 2015

Wednesday, May 13 2015
German gross domestic product (GDP) rose 0.3% from the fourth quarter of 2014 after adjustment for price, seasonal and calendar variations. Analysts were forecasting 0.5% growth. In the last quarter of 2014, a marked increase of 0.7% was recorded. The quarter-on-quarter comparison – following price, seasonal and calendar adjustment – shows that positive contributions mainly came from domestic demand, according to provisional calculations. 
 
Households and general government increased their final consumption expenditure at the beginning of the year. Capital formation increased, too. Fixed capital formation in both construction and machinery and equipment was markedly up compared with the fourth quarter of 2014. Foreign trade, however, had a downward effect on economic growth. Although, according to provisional calculations, exports of goods and services were slightly up at the beginning of 2015 compared with the fourth quarter of 2014, imports recorded a much stronger increase.
 
After the data euro fell and is currently being traded few points below 1.1220 level. Pair is likely to find support at 1.1150 area and resistance above 1.13 handle. Later today, Italian and Eurozone PMI figures are scheduled for a release.
More in this category: « French GDP up by 0.6% in Q1 UK unemployment rate at the lowest level since 2008 »

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