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German growth momentum slowed in Q2

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Staff Writer |
German growth
Germany   The spring revival in the construction activity

Growth momentum in Germany, the biggest euro area economy, slowed in the second quarter, while external economic risks increased mainly due to "Brexit", the German Economy Ministry said.

Germany's growth remains robust and was expected to slow in the second quarter after a strong 0.7 percent expansion in the first three months of the year, thanks to the boost to construction from the mild winter, the ministry said in its monthly report.

However, the spring revival in the construction activity was less pronounced and acted as a drag on overall economic growth, the report added.

Employment creation continued, mainly in the services sector. Exports and consumer spending were also less marked in the second quarter.

That said, the surprise "Brexit" vote did not hurt the business climate much and the German economy is in good shape and always managed to adapt to new situations due to its geographically diversified exports, the ministry said.

German export growth is likely to be moderate in the coming months due to the difficult global environment, the report said.

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