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German economy grows by 0.2% in the 1st quarter and avoids recession
The German economy grew by 0.2% in the first quarter compared with the previous three months, narrowly avoiding a technical recession, preliminary data from the country’s federal statistics agency Destatis showed on Tuesday.
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Economia Destatis
Germany's gross domestic product (GDP) shrank by 0.5% in the fourth quarter of 2023, revised data showed.
Economists had expected GDP to expand by 0.1% in the first three months of the year.
The slight growth in the first quarter was driven by higher construction investment and exports. Private consumption spending, on the other hand, declined, according to Destatis.
In a year-on-year comparison, German GDP between January and March was 0.9% lower than in the first quarter of 2023, adjusted for price effects.
After adjusting for price and calendar effects, the decline was smaller (-0.2%), as there were 1.6 fewer working days than in the same period of the previous year.
At the same time, Destatis revised its previously published results on the development of GDP in 2023 as a whole, based on new statistical information that has become available, and improved the contraction by one-tenth of a percentage point, so that the German economy shrank by 0.2% and not by 0.3%, as previously calculated.
The German government believes that there are increasing signs that the German economy will reach a turning point in the spring of 2024, the German economy minister said last week, when he announced that he had raised his growth forecast for this year by one-tenth of a percentage point to 0.3%.
Leading German economic institutes and the International Monetary Fund (IMF) are less optimistic, predicting GDP growth of between 0.1% and 0.2%, respectively, for the whole of 2024.
This would make Germany the G7 country with the lowest growth, which worries analysts, business people, and investors, both at home and abroad, who are seeing labels such as "former engine of Europe" or "sick man of Europe" making a comeback at international conferences.
Read Also: Retail sales rise 3.2% in March (Portuguese version)
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