German economy, faster growing in five years

The German economy, the major driver of euro zone growth, expanded by 1.9 percent in 2016, the FASTEST rate in five years, a preliminary estimate from the Federal Statistics Office showed on Thursday.
The largest economy on Europe is benefiting from rising private consumption and increased state spending on refugees, compensating for a weaker contribution from trade amid sluggish demand from major trading partners and emerging markets.

The Statistics Office said it estimated growth was around 0.5 percent for the fourth quarter.

Germany's Ifo economic institute said last month the economy will rebound more strongly than previously expected in the fourth quarter and this growth momentum will carry through into 2017.