May 24, 2018 / 6:08 AM / 3 months ago

Investment in construction drives German growth in first quarter

BERLIN, May 24 (Reuters) - Investments in construction and machinery drove German economic growth between January and March, detailed data showed on Thursday, confirming a preliminary reading of a 0.3 percent expansion in the first quarter.

The Federal Statistics Office said exports fell by 1.0 percent on the quarter and imports edged down 1.1 percent, which resulted in net trade deducting 0.1 percentage points from growth.

Household consumption, a key pillar of support for Europe’s largest economy in recent years, rose slightly while state consumption expenditure decreased for the first time in five years, the data showed. (Reporting by Michael Nienaber Editing by Paul Carrel)

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