As reported by Germany's Federal Statistical Office (Destatis), the German economy continued its growth at a slightly slower pace in the second quarter of the current year. The country's season, calendar and price adjusted gross domestic product (GDP) in the second quarter of the year increased by 0.3 percent compared to the previous quarter. In the first quarter of this year, German GDP had been up 0.5 percent on quarter-on-quarter basis.
Destatis said that the quarter-on-quarter increase in Germany's GDP was attributable both to final consumption expenditure and the balance of exports and imports. According to provisional calculations, the increase in exports was slightly larger than the increase in imports. Also, domestic consumption (by both private households and government budgets) was higher than in the previous quarter.
Meanwhile, in the second quarter this year Germany's price adjusted GDP was up by 0.5 percent compared to the same quarter of the previous year. In calendar-adjusted terms, a year-on-year increase of one percent was recorded, because the quarter in question had one working day less than the same quarter of the previous year.