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Clifford Beaumont: Industry Fuels German Growth

Consumption in Germany declines but strong activity in the industrial sector drives growth in the third quarter according to report by Clifford Beaumont.
    TAIPEI CITY, TAIWAN, October 26, 2017 /24-7PressRelease/ -- According to a report by Taipei, Taiwan based investment house, Clifford Beaumont, growth in Europe's largest economy, Germany, looks like it has maintained a strong pace in the third quarter of 2017 likely fueled by very good orders in the industrial sector in spite of a leveling off of activity in construction. The report revealed that private consumption in Germany had also slowed.

Europe's central bank stated that industry, buoyed by strong export demand, will probably maintain its role as a strong supporting factor of a successful economy, adding that the current state of industrial orders is superb.

Germany currently boasts the lowest rate of unemployment in the euro zone. The country's economy has gone from strength to strength this year so far and has gone a long way to boosting confidence throughout the bloc and providing the European Central Bank with the most significant reason yet to reduce its extraordinary quantitative easing stimulus program.

Car manufacturing seems to have seen the worst of a bad patch in the quarter and come out the other side with excellent orders. Orders coming from outside the euro zone were notably good.

On the flip side, activity in construction did not help overall growth. While a comparatively high level of production was maintained, less-than-impressive retail sales indicated that consumption had eased significantly.

The ECB stated that, with the current climate of positive consumer sentiment, promising labor market and salary prospects, no lasting decline in consumption is expected.

Economists at Clifford Beaumont believe that consumer prices will probably decline towards the end of this year.


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