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Q1 GDP Sees Modest Uptick

GERMAN DATA
MNI (London)

MNI: GERMANY Q1 2022 FLASH GDP +0.2% Q/Q SA; Q4 2021 -0.3% Q/Q

GERMANY Q1 22 PREL GDP +3.7% Y/Y WDA; +4.0% NSA

  • German GDP data for Q1 was largely in line with flash estimates, 0.1pp higher than expected on the WDA print.
  • German GDP ticked up a modest +0.2% q/q in Q1, following the -0.3% q/q decline seen in Q4 last year.
  • The key upwards driver was higher capital formation, whilst net exports was a downwards driver.
  • Effects of the Ukraine war have softened economic growth since late Feb. The German statistics office stresses that results are subject to large uncertainties due to the Ukraine war and Covid crisis.

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