The German economy grew by 0.2% in the first quarter of 2024, according to statistics office data, which aligns with earlier estimates. Ruth Brand, president of the statistics office, noted that after a decline at the end of 2023, Germany started the year with positive growth.
Despite a decrease in inflation, household consumption did not recover in the first quarter, falling by 0.4% compared to the previous quarter. Government expenditure also dropped by 0.4% during this time period. However, there was a significant increase in construction investment by 2.7%, while investment in machinery and equipment fell by 0.2%.
The German economy received positive contributions from foreign trade as well. In the first quarter, exports of goods and services were up by 1.1% compared to the previous quarter, contributing to overall economic performance in Germany.
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