These production figures have, however, dealt a blow to hopes of a strong rise in gross domestic product in Q4 2016. Earlier, a drop in retail sales in December had already disappointed, although price-adjusted retail sales in the fourth quarter were at least marginally up on the previous quarter. Exports are likely to have provided a positive boost to economic growth in the final quarter of 2016, but December figures are not yet available. Overall, we now estimate that the German economy grew by only 0.3 – 0.4% in the fourth quarter (previous estimate 0.5 – 0.6%). But this does not alter the positive economic outlook for 2017. We are still expecting to see economic growth of 1.7%.