Germany's economy sees strongest growth in 4 years

Germany's economy grew by one percent in the first quarter of this year, the strongest quarterly growth in four years, the government said on Tuesday.

The federal statistics office Destatis confirmed a preliminary estimation published on May 12 that the third largest world economy saw its best performance since early 2001.

Destatis said the first-quarter growth was driven mainly by exports, which grew by 2.9 percent in the January-March period.

Meanwhile, both state and consumer spending contracted by 0.2 percent in the period while domestic demand fell by 0.6 percent.

The financial, renting and business services showed a year-on-year rise of 1.7 percent, while trade and transport grew by 0.7 percent in the three months.

Source: Xinhua