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Financial News: German GDP Expands As Estimated In Q1

German GDP Expands As Estimated In Q1

05/24/2024 - 02:23:00 (RTTNews)

(RTTNews) - The German economy expanded as initially estimated in the first quarter, underpinned by rebounding investment and exports, data from Destatis revealed on Friday.

Gross domestic product expanded 0.2 percent sequentially in the first quarter, in contrast to the 0.5 percent decrease in the preceding three months.

The statistical office confirmed the flash estimate published on April 30.

On a yearly basis, calendar-adjusted GDP shrank 0.2 percent, the same rate as seen in the fourth quarter and in line with the preliminary estimate.

Price-adjusted GDP logged an annual fall of 0.9 percent, as estimated, after a 0.4 percent drop.

On the expenditure side, household consumption dropped 0.4 percent as spending on food and clothing decreased. Likewise, government spending fell 0.4 percent.

By contrast, gross fixed capital formation in construction rose significantly by 2.7 percent. Gross fixed capital formation in machinery and equipment fell 0.2 percent. Overall, gross fixed capital formation was up 1.2 percent.

Positive contributions also came from foreign trade. Exports of goods and services climbed 1.1 percent. At 0.6 percent, growth in imports was less pronounced.

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