German GDP Q1 growth confirmed at 0.2%

24th May 2024 07:25

(Sharecast News) - Germany's economy grew 0.2% in the first quarter of 2024 compared with the final three months of last year, confirming a flash estimate, the Federal statistics office said on Friday.

Fourth-quarter GDP contracted by 0.5%. The first-quarter figure compares with 0.3% growth in the same period in 2023.

"Despite declining inflation, household final consumption expenditure did not recover in the first quarter of 2024. It was down 0.4% on the previous quarter, after price, seasonal and calendar adjustment, as final consumption expenditure on food and clothing, for example, decreased," the statistics office said in a statement.

"Government final consumption expenditure was also 0.4% lower than in the previous quarter. By contrast, investment was up from the 4th quarter of 2023: following a weak second half of 2023, gross fixed capital formation in construction rose significantly by 2.7% in the 1st quarter of 2024, after adjustment for price, seasonal and calendar variations."

Reporting by Frank Prenesti for Sharecast.com