Germay posts 1.9pc growth in 2016

FRANKFURT: The German economy, Europe’s largest, grew by 1.9 per cent in 2016 powered by private consumption and state spending on refugees, the federal statistics office Destatis said on Thursday in a preliminary estimate.
The estimate beats last year’s growth figure of 1.7 per cent but is still subject to change once the official fourth quarter results are in.
“Domestic consumption was decisive for the positive development in the German economy in 2016,” Destatis said in a statement, pointing to 2.0 per cent growth in private consumption and a 4.2 per cent increase in government spending. — AFP