German, eurozone economic growth revised down slightly

AP News
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Posted: Feb 14, 2017 5:44 AM
German, eurozone economic growth revised down slightly

BERLIN (AP) — Germany's economy expanded at a slightly weaker pace than previously expected at the end of last year, causing a downward revision to the overall eurozone's growth rate as well.

The Federal Statistics Office said Tuesday that gross domestic product rose by 0.4 percent in the fourth quarter of 2016 compared with the previous three-month period.

That is down from a rough estimate issued last month of 0.5 percent and caused a revision to the growth rate of the eurozone as a whole — to 0.4 percent compared with an earlier estimate of 0.5 percent.

The growth rate in Germany, Europe's biggest economy, is nevertheless an improvement from the 0.1 percent growth booked in the third quarter. It was largely due to household and government spending.

For the year as a whole, the country saw growth of 1.9 percent, the office said, confirming the provisional annual GDP result released in January.