Berlin March13- The German economy witnessed a sign of growth for the first time after Brexit as the growth curve rose to 2.4% yesterday and gave a momentary relief to Chancellor Angela Merkel led right and left coalition government . It is expected that it will help the government to reduce the financial burden to some extent. The German economy is mainly an export oriented economy and it got a sudden blow after the BREXIT. Trade barriers posed a serious threat to the German business houses and It also became a bone of contention for the government.
In the recent past the GDP growth of Germany only witnessed a growth of 0.6% in 2017. It mainly came from the export of goods to foreign countries and household consumption. The German GDP reached a culminating point in 1970 and it had gone to nadir in2009 during the period of recession.It witnessed a seasoned growth of 0.6 %in the last quarter of 2017.Export of goods and service to 2.7 % and imports were estimated at a slower rate of 2.0% . The additional spending of the government increased by0.5%
The economy got a momentum in the third quarter of 2011 because of a sizable contribution of net trade because the exports witnessed a sharp increase of 5.6% and imports rose at a moderate 4.6%. Household consumption had gone up by 1.2% . The GDP growth gets a boost from the export of machinery items and construction equipment. The German economic growth was not at all satisfactory in the last quarter of 2017 and it was below the market expectation according to the trade pundits . It expanded a seasonally adjusted 0.8% in the quarter in September 2017. The German economy expanded at a moderately adjusted 0.6% in the second quarter of 2017 following a growth of 0.7% in the previous period.
Germany is considered to be the fifth largest economy in the world and the ,largest in the Euro arena . The goods and machinery items those Germany exports all over the world have a class of their own. The trade analysts have predicted that the economy will witness a major change in the near future.