German economy expanded by 0.2% in the first quarter, as confirmed by statistics office.

In the first three months of 2024, the German economy grew by 0.2%, according to statistics from the office. This growth confirmed preliminary data and marked a positive start to the year. Ruth Brand, president of the statistics office, noted that despite declining inflation, household consumption did not recover in the first quarter, falling 0.4% on the previous quarter. Government expenditure also decreased by 0.4% compared to the previous quarter.

However, there were positive contributions from other sectors. Investment in construction rose significantly by 2.7%, while investment in machinery and equipment fell by 0.2%. On a positive note, foreign trade also played a role in driving growth, with exports of goods and services increasing by 1.1% compared to the previous quarter.

Overall, despite some challenges facing various sectors of the economy, it is clear that Germany showed signs of growth and resilience in these early months of 2024.

In summary, despite declining inflation and stagnant household consumption in Q1 2024, Germany’s economy experienced growth of 0.2%. The statistics office confirmed this positive trend after noting that investment in construction increased significantly while government expenditure decreased slightly compared to Q4 2023. Additionally, exports also contributed positively to this growth with an increase of 1.1% compared to Q3 2023.

As Ruth Brand highlighted “It’s encouraging that despite declining inflation and stagnant consumer spending we see positive signs from various sectors which are contributing to the growth momentum.”

By Riley Johnson

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