German economy grows at quickest rate for three years
GERMANY’S economy managed to grow 1.5 per cent in 2014, according to the country’s Federal Statistics Office (FSO).
“Obviously, the German economy turned out to be strong in a difficult global economic environment, benefiting especially from a strong domestic demand”, said Roderich Egeler, president of the FSO.
“Very low interest rates, a neutral fiscal stance, the depreciation of the euro, the positive effect of the lower oil price on domestic purchasing power and foreign demand from key export markets is likely to help the German economy to return to growth above potential very quickly in the course of 2015,” said economist Evelyn Herrmann from investment bank BNP Paribas.
The German government recently balanced its budget for the first time in 40 years.