The German economy showed signs of growth and resilience in the first three months of 2024, with various sectors contributing to the positive momentum. According to statistics from the office, the economy grew by 0.2%, marking a positive start to the year and confirming preliminary data.
Ruth Brand, president of the statistics office, noted that after declining at the end of 2023, the economy rebounded in the first quarter. Despite declining inflation, household consumption did not recover in the first quarter, falling 0.4% on the previous quarter. Government expenditure also decreased by 0.4% compared to the previous quarter.
However, there were positive contributions from other sectors. Investment in construction rose significantly by 2.7%, while investment in machinery and equipment fell by 0.2%. Foreign trade also played a significant role in driving economic growth, with exports of goods and services increasing by 1.1% compared to the previous quarter.
Overall, despite some challenges, Germany’s economy showed signs of strength and resilience in Q1 2024, thanks to various sectors making positive contributions to its growth trajectory.
Germany’s economic growth was marked by a slight increase of 0.2% during Q1 2024 as confirmed by statistics office data.
According to Ruth Brand, President of Statistics Office Germany’s economy rebounded after its decline at end of last year.
Although inflation declined during this period household consumption did not improve much as it fell down -0.4% compared to Q3 last year.
Government expenditure also decreased -0.4% when compared with Q3 last year.
On a brighter note foreign trade helped boost Germany’s economic growth; exports increased +1.1% when compared with Q3 last year.
Investments were another important driver for Germany’s economic performance; investment in construction increased +2.7%, while machinery and equipment investments decreased -0 .2%.
