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German economy grew 0.6 percent in second quarter on strong domestic demand

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German economy grew 0.6 percent in second quarter on strong domestic demand

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BERLIN (Reuters) – The German economy grew by less than expected in the second quarter as net trade dampened an overall expansion which was driven by strong household spending and rising state expenditure, the Federal Statistics Office said on Tuesday. Seasonally and calendar adjusted gross domestic product (GDP) in Europe’s biggest economy rose by 0.6 percent on the quarter, the data showed. This was slightly weaker than the consensus forecast of 0.7 percent in a Reuters poll. But the growth rate for the first quarter was revised up to 0.7 percent on the quarter from 0.6 percent. Unadjusted data showed the economy grew by 0.8 percent on the year in the second quarter. This compared with a consensus forecast of 1.9 percent. Adjusted for calendar affects, the yearly growth rate was 2.1 percent in the April-June period.

(Reporting by Michael Nienaber; Editing by Madeline Chambers)
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