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German economy expands by 0.3% Eurozone economy grows 1.5% in 2015
(about 2 hours later)
The German economy expanded by 0.3% in the final three months of 2015, official figures show. The economies of the 19 countries that use the euro expanded by 1.5% in 2015.
For the year, it grew by 1.7%, the country's statistics office said, helped by domestic demand. In the last three months of the year, they grew 0.3%, compared with the previous three months, according to the statistics agency Eurostat.
The statistics agency said that government spending was "markedly up", while household consumption rose slightly. The 28 countries of the EU also grew 0.3% in the fourth quarter, to a GDP growth rate of 1.8% for the full year.
Growth slowed during 2015, suggesting that more action may be needed to stimulate economies from the European Central Bank (ECB).
"We continue to think that further monetary easing is required, with further policy rate cuts on the cards from March onwards," said Nick Kounis, economist at ABN Amro.
Within the eurozone, the German economy expanded by 0.3% in the final three months of 2015, to an annual rate of 1.7%.
The German statistics agency said that government spending was "markedly up", while household consumption rose slightly.
The figures follow surprisingly poor industrial production data for December.The figures follow surprisingly poor industrial production data for December.
"Slow but steady was the retrospective motto for 2015," said Thomas Gitzel, VP Bank group chief economist, saying the fourth quarter growth was "not exhilarating" but also not a reason to worry."Slow but steady was the retrospective motto for 2015," said Thomas Gitzel, VP Bank group chief economist, saying the fourth quarter growth was "not exhilarating" but also not a reason to worry.