BERLIN: Germany gross domestic product in the fourth quarter, the final three months of 2014, expanded 0.7 percent, Eurostat, the statistical office of the European Union said in a statement Friday.
This brings 2014 growth to 1.6 percent, making Berlin the undisputed growth engine among the 28 members of the union. The weak euro is thought to have boosted exports and lower oil prices are credited with increased consumer spending.
This is a thunderbolt. Economic recovery in Germany started much earlier than expected. Some spoke of possible recession after the summer but instead Germany rebounded. The fact that the growth comes mainly from the domestic economy gives strong grounds for optimism,” Andreas Rees, an economist at Unicredit, told Reuters.
