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GDP Bounces On Construction / Exports; Weaker End-2023 On Revisions

GERMAN DATA

German Q1 2024 real GDP is estimated by Destatis to have expanded by +0.21% Q/Q (seasonally-adjusted, vs -0.50% prior, downwardly revised by -0.2pp), a little stronger than consensus expectations.

  • On a yearly comparison, quarterly GDP still printed in contractionary territory, however, at -0.2% Y/Y (SA, vs -0.2% cons and prior).
  • And downward revisions to 2023 GDP suggest more back-loaded weakness last year than previously recognised.
  • Destatis cited stronger construction investment as well as exports as upside drivers, while private consumption printed weaker.
  • Final prints containing more detail are to be released in the next weeks.

MNI, Destatis

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German Q1 2024 real GDP is estimated by Destatis to have expanded by +0.21% Q/Q (seasonally-adjusted, vs -0.50% prior, downwardly revised by -0.2pp), a little stronger than consensus expectations.

  • On a yearly comparison, quarterly GDP still printed in contractionary territory, however, at -0.2% Y/Y (SA, vs -0.2% cons and prior).
  • And downward revisions to 2023 GDP suggest more back-loaded weakness last year than previously recognised.
  • Destatis cited stronger construction investment as well as exports as upside drivers, while private consumption printed weaker.
  • Final prints containing more detail are to be released in the next weeks.

MNI, Destatis