As reported by Germany's Federal Statistical Office (Destatis), the German economy continued to grow in the second quarter of this year. In this period, the country's price, season and calendar adjusted gross domestic product (GDP) rose by 0.4 percent compared to the previous quarter, following a quarter-on-quarter growth rate of 0.7 percent in the first quarter this year.
According to the statement, in the second quarter positive contributions were made mainly by the balance of exports and imports. German exports were up, while imports were slightly down compared with the first quarter of 2016.
Meanwhile, economic growth accelerated on year-on-year basis. The price-adjusted GDP was up by 3.1 percent in the second quarter of this year, which was the largest year-on-year increase in five years.