German economy grew 0.2% in Q1, stats office confirms
2:10 am Friday, May 24th, 2024
By Maria Martinez
BERLIN (Reuters) – The German economy grew by 0.2% in the first three months of 2024, the statistics office reported on Friday, confirming preliminary data.
“After GDP declined at the end of 2023, the German economy started 2024 with positive growth,” said Ruth Brand, president of the statistics office.
Despite declining inflation, household consumption did not recover in the first quarter, falling 0.4% on the previous quarter. Government expenditure was also 0.4% lower than in the previous quarter, the data showed.
Following a weak second half of 2023, investment in construction rose significantly by 2.7% on the quarter, while investment in machinery and equipment fell by 0.2%.
Positive contributions also came from foreign trade. In the first quarter, exports of goods and services were up 1.1% compared with the previous quarter.
(Reporting by Maria Martinez, writing by Rachel More)
