European Stocks Set For Mixed Open; German Q1 GDP in Focus

by Ben Pena May 13, 2017, 0:43
European Stocks Set For Mixed Open; German Q1 GDP in Focus

German economic growth has increased in the first quarter of 2017, it was announced Friday.

Fear that trade barriers could spring up with Britain, one of Europe's largest economies and a key trading partner for Germany, meant that Brexit sapped the confidence of businesspeople, investors and consumers alike.

Germany's economy gathered momentum in the first quarter of 2017, growing 0.6 percent, in line with expectations, with increases in both foreign and domestic demand.

It represented an acceleration over the second half of a year ago, when the economy had added just 0.2 per cent between July and September and 0.4 per cent between October and December.

German companies also benefited from the recovery of the global market and the weak euro, which has led to increased exports.

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Using a year-on-year comparison, GDP expanded by 1.7 per cent from the first quarter of 2016, adjusted for calendar effects, Destatis said.

For Italy, the third-biggest economy in the 19-member bloc, the national central bank has projected quarterly growth of 0.2 percent.

"However, it should be noted that the economy would be humming less without the support of interest rates which are too low for Germany", he added.

The improvement was driven by the services sector, where 56,200 net new jobs helped offset the destruction of 4,800 in the industrial sector and 2,000 in construction.


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