Financial News: German Economy Avoids Recession

German Economy Avoids Recession

04/30/2024 - 04:18:00 (RTTNews)

(RTTNews) - The German economy avoided recession in the first quarter, preliminary data from Destatis showed on Tuesday.

Gross domestic product grew more-than-expected 0.2 percent sequentially in the first quarter, in contrast to the revised 0.5 percent decrease in the preceding period. GDP was expected to grow marginally by 0.1 percent.

Destatis said that the growth was driven by exports and gross fixed capital formation in construction. Meanwhile, household spending declined from a quarter ago.

On a yearly basis, calendar-adjusted GDP shrank 0.2 percent, the same rate as seen in the fourth quarter and also matched expectations. Price-adjusted GDP logged an annual fall of 0.9 percent after a 0.4 percent fall, data showed.

Elsewhere, the Federal Labor Agency reported that the unemployment rate in Germany held steady at 5.9 percent in April.

The number of people out of work increased 10,000, bigger than the expected rise of 7,000.

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