Price-, seasonal-, calendar-adjusted Q1 2024 German GDP up 0.2% QoQ

The country’s Q1 2024 GDP was down by a price-adjusted 0.9 per cent year on year. The decrease was smaller (minus 0.2 per cent) after price and calendar adjustment.

Despite declining inflation, household final consumption expenditure did not recover in Q1 2024. It was down by 0.4 per cent on the previous quarter, after price, seasonal and calendar adjustment, as final consumption expenditure on food and clothing, for example, decreased.

Government final consumption expenditure was also 0.4 per cent lower than in the previous quarter.

By contrast, investment was up from Q4 2023. Overall, gross fixed capital formation at the start of the year was up 1.2 per cent on the previous quarter.

Foreign trade contributed positively as well. In Q1 2024, total exports of goods and services were up by 1.1 per cent on Q4 2023 after price, seasonal and calendar adjustment. This was primarily due to increased exports of goods (plus 2.1 per cent).

QoQ growth in imports was less pronounced (plus 0.6 per cent). As with exports, imports of goods increased by 2.1 per cent, according to a Destatis release.

The price-, seasonally- and calendar-adjusted gross value added increased by a total of 0.3 per cent in Q1 2024 from the previous quarter. Within manufacturing, there was a particular increase in the production of intermediate goods, especially in energy-intensive branches. On the other hand, the production of capital goods declined.

Overall, the manufacturing sector registered a moderate growth of 0.2 per cent in Q1 2024 on the previous quarter, after adjustment for price, seasonal and calendar variations.

Fibre2Fashion News Desk (DS)