Economic news

Germany's economy cools sharply as global tensions hit

German annualized growth rate slowed in the first quarter of the year by 0.3 percent, its weakest pace since the third quarter of 2016, the Federal Statistics Office reported.

It was a drop in government spending and weak exports, which have caused slowdown in the Europe's largest economy and global export power.

Analysts polled by Reuters predicted an 0.4 percent increase, while numbers followed an expansion pace of 0.6 percent in the fourth quarter of last year.

Experts consider it was just a just a blip, pointing to extended solid foreign demand and vibrant domestic activity taking into account record employment and growing salaries.

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