According to preliminary figures from the German statistical office, GDP grew by 1.5% in 2018. After a particular strong increase of 2.5% in 2017, Germany’s economy cooled somewhat, especially in the second half of 2018. This was mainly due to the weaker growth in value added by the German industrial sector, which suffered as a result of global political and economic turbulence. However, underlying trends remain strong. Labour market strength in particular continues to support domestic demand. The unemployment rate was at 4.9% at the end of the year (December 2017: 5.3%).
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