German economy experienced a 0.2% growth in Q1, as confirmed by the statistics office – Reuters

In the first quarter of 2024, the German economy experienced a growth of 0.2%, according to the statistics office. This positive development came after a decline in GDP at the end of 2023. Despite declining inflation, household consumption did not recover in the first quarter, falling by 0.4% compared to the previous quarter. Additionally, government expenditure also decreased by 0.4% in the same time period.

One area of strength for the German economy in the first quarter was construction investment, which saw a significant increase of 2.7%. On the other hand, investment in machinery and equipment fell by 0.2%. The positive contributions to growth also came from foreign trade, with exports of goods and services increasing by 1.1% compared to the previous quarter.

Despite some areas of decline, President Ruth Brand highlighted the importance of this growth in setting a positive trajectory for the rest of the year. She noted that while household consumption and government expenditure were down, there were other areas that contributed positively to economic growth, including construction investment and export trade.

By Riley Johnson

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