German GDP in the first quarter remained at the level of the previous quarter

In January-March 2023, Germany’s GDP did not change compared to the previous quarter. This is reported by Interfax-Ukraine with the reference the Federal Statistical Office of Germany’s data(Destatis).

Trading Economics experts expected the country’s economy to grow by at least 0.2% quarter-on-quarter in the first quarter of 2023.

Compared to the same period in 2022, Germany’s GDP decreased by 0.1% adjusted for the number of working days. Analysts predicted growth of 0.3%. The decline of the German economy in annual terms occurred for the first time in the last two years.

In the fourth quarter of 2022, Germany’s GDP decreased by 0.5% quarter-on-quarter and by 0.8% year-on-year, according to revised data. Preliminary data indicated a drop in the country’s economy by 0.2% q/q.

Consumer and government spending declined in April 2023, while gross fixed capital formation and exports increased.

As GMK Center reported earlier, in 2022 economy of Germany increased by 1.9% compared to 2021. The German economy performed better than expected. The worst recession expectations were tempered by a modest 0.4% quarter-on-quarter growth in the third quarter of 2022. In 2021, the country’s economy increased by 2.6% y/y.

In 2023, the German economy is expected to grow by 0.2% compared to 2022.