German economy grew by 0.4 percent in final quarter of 2016

Berlin: The German economy grew by 0.4 percent in the final quarter of 2016, the Federal Statistics Office said on Tuesday, with increased state spending, higher private consumption and construction more than offsetting a drag from foreign trade.

The GDP growth figure for the final three months of 2016 was slightly weaker than the consensus forecast in a Reuters poll of 0.5 percent.

The overall growth rate for 2016 was confirmed at 1.9 percent, which was the strongest rate in half a decade.

Unadjusted data showed the economy grew by 1.2 percent on the year in the fourth quarter, falling short of the consensus forecast for 1.7 percent growth.

The quarterly growth rate for the third quarter was revised down to 0.1 percent from 0.2 percent and the rate for the second quarter was revised up to 0.5 percent from 0.4 percent.