German economy grows 0.7% in the first quarter

Destatis released its gross domestic product (GDP) growth for Germany on Friday. Germany’s preliminary GDP gained by 0.7% in the first quarter, exceeding expectations for a 0.6% growth, after a 0.3% increase in the fourth quarter.

The increase was driven by domestic demand and capital formation. Both general government final consumption expenditure and household final consumption expenditure increased in the first quarter.

The trade effect was negative as imports climbed faster than exports.

On a yearly basis, Germany’s GDP fell to 1.3% in the first quarter from 2.1% in the fourth quarter, missing expectations for a 1.5% growth.

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