Germany's GDP remains stagnant in Q1 2023: Destatis

01 May '23

1 min read

Pic: Shutterstock/Bartolomiej Pietrzyk

Insights

Germany's GDP in Q1 2023 remained the same as in Q4 2022 after adjusting for seasonal, calendar, and price variations with final consumption expenditure for households and the government declining.
GDP rose by 0.2 per cent compared to Q1 2022, with positive contributions from capital formation.
The country's inflation rate was 7.4 per cent in March 2023.

In the first quarter (Q1) of 2023, the gross domestic product (GDP) of Germany remained the same as in Q4 2022 when adjusted for price, seasonal, and calendar variations, as per the Federal Statistical Office (Destatis). This followed a decrease in the GDP at the end of 2022, which was revised to -0.5 per cent year-on-year (YoY) in Q4 (previously reported as -0.4 per cent).

GDP in Q1 2023 was up a price adjusted 0.2 per cent compared with Q1 2022. The price and calendar adjusted GDP was 0.1 per cent lower because there was one working day more than in the same period a year earlier. Positive contributions, in contrast, came from capital formation and exports, Destatis said in a press release.

The inflation rate in Germany stood at 7.4 per cent in March this year, while in both January and February, the inflation rate was 8.7 per cent. Consumer prices in March were up by 0.8 per cent over February figures.

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