German GDP increased in the first quarter of 2024
Germany’s gross domestic product in the 1st quarter of 2024 is up 0.2% on the previous quarter. The latest figures give some hope that Germany may be escaping the economic doldrums.
Europe's largest economy grew in the first quarter of 2024, reversing a slump at the end of last year, according to Germany's Federal Statistical Office Destatis on Tuesday. The outlook appears to come down, with energy costs and inflation easing. However, compared to the first quarter of 2023, German GDP growth still did not improve (- 0.2%). ING bank analyst Carsten Brzeski said the upturn showed that "the German economy can grow after all." "The words 'optimism' and 'German economy' together in one sentence have been a rarity for a long while," said Brzeski. "However, for a few weeks now, optimism has returned to the German economy." He also warned of increasing insolvencies that could weaken the labor market, although new figures also show unemployment in Germany for April remained stable, at 5.9%.