Germany's price-adjusted GDP growth eased to 0.4% in 2013 from 0.7% in 2012 and missed consensus of 0.5%.
"The German economy suffered from the continuing recession in some European countries and from restrained growth of the global economy," says Roderich Egeler, President of the Federal Statistical Office. "The strong domestic demand could offset those factors only to a limited extent."
"Final consumption expenditure was the main driving force for German economic growth," the stats office says. Household final consumption +0.9%, government final consumption expenditure +1.1%.
However, gross fixed capital formation fell.
Exports +0.6% and imports +1.3%, so the trade balance hurt growth by –0.3 percentage point. That might assuage criticism that Germany relies too much on exports for its growth.
The DAX is +0.6%, while the euro slides and is -0.3%. (PR)