In the first quarter of 2024, the German economy experienced growth of 0.2%, as confirmed by the statistics office. This growth was a positive sign after a decline at the end of 2023. Ruth Brand, president of the statistics office, highlighted this progress and stated that despite a decrease in inflation, household consumption did not see a recovery 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 were some bright spots for the German economy in the first quarter. There was a significant increase in construction investment by 2.7%, while investment in machinery and equipment fell by only 0.2%. This suggests that while some sectors may be struggling, others are still growing and contributing positively to the overall economy.
One area where Germany saw strong growth in the first quarter was foreign trade. Exports of goods and services were up by 1.1% compared to the previous quarter, helping to boost overall economic performance in Germany. This is an encouraging sign for Germany’s future economic prospects and could help to offset some of the challenges faced by other sectors of the country’s economy.
Overall, while there are some challenges facing different sectors of Germany’s economy, there are also positive signs that suggest growth is still possible in certain areas. As Ruth Brand noted, “after a decline at the end of 2023, the German economy started
