German economy grew by 0.2 per cent in the first three months of 2024, the statistics office reported on Friday, according to Reuters.
Ruth Brand, president of the statistics office, stated:
After GDP declined at the end of 2023, the German economy started 2024 with positive growth.
Despite a decline in inflation, household consumption did not recover in the first quarter. The figures fell by 0.4 per cent quarter-on-quarter, the statistics body showed.
Government spending also fell 0.4 per cent from the previous quarter.
After a weak second half of 2023, investment in construction rose strongly by 2.7 per cent, while investment in machinery and equipment fell by 0.2 per cent.
Foreign trade also made a positive contribution to the German economy. In the first quarter, exports of goods and services rose by 1.1 per cent quarter-on-quarter.
