Berlin, Apr. 30 (EFE).- The German economy grew by 0.2% in the first quarter, compared to the immediately preceding three months, thus avoiding a technical recession, according to preliminary data published this Tuesday by the central statistics office Testatis.
According to revised data, German GDP contracted by 0.5% in the fourth quarter of 2023.
Experts forecast a 0.1% improvement in GDP in the first quarter of this year.
Growth in the first quarter was modest due to increased investment in construction and exports. On the other hand, according to Destatis, private consumption expenditure has decreased.
In a year-on-year comparison, German GDP was 0.9% lower between January and March than in the first quarter of 2023, adjusted for price effects.
Adjusted for price and calendar effects, the decrease (-0.2%) was 1.6 working days less than the same period last year.
In turn, Testatis reviewed previously published results on the evolution of GDP throughout 2023 based on new statistical information and revised the contraction by one-tenth, so that the German economy shrank by 0.2% and not 0.3%. previously calculated.
The government believes there are growing signs that the German economy will reach a turning point in spring 2024, with Green Economy Minister Robert Habeck announcing a one-tenth hike last week, to 0.3%. For this year.
The main German economic institutions and the International Monetary Fund (IMF) are less optimistic and estimate GDP growth of 0.1% and 0.2% respectively throughout 2024.
This leaves Germany as the G7 country with the lowest growth, worrying analysts, businessmen and investors inside and outside the country. EFE
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