GERMANY

摘要

The preliminary GDP estimate was confirmed, as the economy grew by 1.7% during 2015 and 0.3% (q-o-q) in Q4. Quarterly growth was assisted by a 1% (q-o-q) rise in government consumption, boosted by higher spending to help facilitate the accommodation of refugees. Despite this, the government managed to clock up a €19.4 billion budget surplus in 2015, well above the€8.9bn surplus in the previous year. Increased state spending offsetthe slightfallbackinprivateconsumption, which rose by 0.3% (q-o-q). Relatively upbeat growth is expected to continue this year and next, driven by domestic demand. Spending on machinery and equipment advanced 1 % (q-o-q) in Q4, suggesting that corporate sentiment ended the year on a fairly stable footing.