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German economy stagnates in the first quarter

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Container terminals in the port of Hamburg

The Federal Statistical Office spoke of “positive impulses” for the economy through exports.

(Photo: dpa)

Berlin The German economy narrowly avoided a winter recession in the first quarter. The gross domestic product (GDP) stagnated from January to March compared to the previous quarter, as the Federal Statistical Office announced on Friday.

Economists surveyed by the Reuters news agency had expected an increase of 0.2 percent, after a revised minus of 0.5 (previously: -0.4) percent in the fourth quarter. With two negative quarters in a row, there is talk of a recession, which has now been averted at the start of the year.

A better result was prevented by falling consumer spending as a result of the loss of purchasing power due to high inflation. “Positive impulses, on the other hand, came from investments and exports,” it said. The statisticians want to announce details in May.

The German Institute for Economic Research (DIW) assumes that the economy will gain momentum in the current spring quarter. In particular, increasing industrial production – also in the energy-intensive sectors of the economy – should contribute to growth.

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