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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
MNI (London)
GERMANY Q1 FINAL GDP -0.3% Q/Q (FLASH 0.0%); Q4 2022 -0.5% Q/Q
GERMANY Q1 FINAL GDP -0.5% Q/Q (FLASH -0.1%); Q4 2022 -0.1% Q/Q
German final Q1 GDP was revised downwards to -0.3% q/q, from 0.0% estimated in the flash. This follows a -0.5% q/q contraction in Q4 and as such implies that the German economy entered a technical recession over Q4/Q1.
- In aggregate final consumption expenditure declined -2.3% q/q. Private consumption slumped in Q1, contracting by -1.2% q/q (consensus estimate -0/7%), following a -1.7% q/q Q4 decline. High inflation underpinned the decline in spending, evident across weak consumption in food, apparel furnishings and vehicles (new vehicles particularly following the reduction of grants for hybrid/electric cars).
- Government spending fell -4.9% q/q, significantly missing the -0.4% q/q pencilled in by consensus, after rising a modest +0.2% q/q in Q4.
- Capital investment surprised to the upside, expanding +3.0% q/q and rebounding from the Q4 decline of -2.6% q/q. Machinery and equipment invested alongside construction investment rebounded, the latter assisted by a mild weather.
- Net exports rose +0.7% q/q, helped by reduced fuel imports.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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