BERLIN, Nov. 14 (Xinhua) -- Rising exports have further lifted growth in the already booming German economy, data from the Federal Statistical Offices showed on Tuesday.
Thanks to strong exports as well as rising investment, German Gross Domestic Product (GDP) grew by 0.8 percent in the third quarter of 2017 compared to the previous quarter, beating analysts' prediction of 0.6-percent growth.
The Wiesbaden-based government statisticians noted that public and private consumption in Q3 stagnated. Instead, German economic momentum was largely sustained by foreign demand as global and Eurozone growth accelerated between July and September.
"Exports grew faster in the third quarter than imports," a statement by the Federal Statistical Office read. In turn, German businesses had experienced greater confidence and responded with investments into their equipment.
Andreas Scheuerle, economist at DekaBank, said that the German economy was "on the rise" thanks to "breathtakingly stable domestic demand and faster global growth".
In a report recently presented to the German government, the German Council of Economic Experts predicted that GDP growth would reach 2 percent in total in 2017, and 2.2 percent in 2018.