German economy grew by 1.5% last year
Audit International, the leading specialists in Internal and External Audit Recruitment across Europe, the US and Asia have recently learned that German economy was at its strongest in three years in 2014.
The evolution of German economy during last year can be summarized explaining that Teutonic economy had a robust start but only narrowly avoided a contraction in the third quarter after shrinking in the second
Among the aspects that pushed a 1.5 per cent expansion of the German economy in 2014, must be highlighted private consumption and trade. Regarding the first one, private consumption added 0.6 percentage points to growth last year.
Record high employment, rising wages and moderate inflation are further key points that explain the expansion of the German economy during last year.
Despite persistent sluggishness in Europe, Germany’s main export market, and crises in Ukraine and the Middle East, foreign trade, a traditional driver of the economy which has lost momentum in recent years, contributed 0.4 percentage points. However, economists pointed out that the economy had not fared as well in 2014 as the full-year data for gross domestic product (GDP) growth suggested.
As previously has been mentioned, the German economy started the year with robust quarter-on-quarter growth of 0.8 per cent, only to contract in the second quarter and narrowly avoid a technical recession with meagre growth of 0.1 per cent in the third.
As the finance ministry of Germany informed recently, for the first time since 1969, Germany had balanced its budget. Furthermore, Berlin had been aiming to achieve zero deficit in 2015 but strong tax revenues and lower debt service costs helped it achieve the goal a year early in 2014.
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