SANAA, Jan. 15 (Saba) - The German economy grew by 1.5 percent last year, the lowest pace in five years and a marked slowdown compared to the previous year, preliminary estimates from the German Federal Statistics Office showed on Tuesday.
"The German economy has grown for the ninth year in a row, although growth has lost momentum," the office said in a statement.
Adding that domestic demand is the main driver of growth as household consumption and state spending increase during the year.
The economy is likely to have posted a slight growth in the fourth quarter of last year, which means avoiding the recession - defined as negative growth over two consecutive quarters or more.
Europe's biggest economy is suffering from a global economic slowdown and trade disputes triggered by US President Donald Trump's policies under the slogan "America First" and the threat of Britain's withdrawal from the EU without an agreement in March.
Economists in a Reuters poll forecast GDP growth of 1.5 percent last year, compared with a 2.2 percent growth in 2017.
AA
Saba
"The German economy has grown for the ninth year in a row, although growth has lost momentum," the office said in a statement.
Adding that domestic demand is the main driver of growth as household consumption and state spending increase during the year.
The economy is likely to have posted a slight growth in the fourth quarter of last year, which means avoiding the recession - defined as negative growth over two consecutive quarters or more.
Europe's biggest economy is suffering from a global economic slowdown and trade disputes triggered by US President Donald Trump's policies under the slogan "America First" and the threat of Britain's withdrawal from the EU without an agreement in March.
Economists in a Reuters poll forecast GDP growth of 1.5 percent last year, compared with a 2.2 percent growth in 2017.
AA
Saba