Germany’s economy stagnated in the first quarter compared to the previous quarter, although analysts had expected a quarter-on-quarter growth of 0.2%. In the last three months of last year, Germany fell by 0.4%, i.e. it could not grow for two consecutive quarters. Compared to the same period of the previous year, the increase was 0.2%, according to data adjusted for seasonality and calendar effects.
The German economy was one of the biggest sufferers of the former energy crisis (which ended up being much milder than expected), but it seems that the recession was still managed, in the winter quarters, when high energy prices hurt more, there were no two consecutive contractions of the GDP -in. The economy, on the other hand, is particularly weak, its performance lags behind that of other European countries.
The Italian economy, meanwhile, performed much better than expected in the first quarter. GDP increased by 0.5% compared to the previous quarter, i.e. after the 0.1% contraction at the end of last year, we are seeing growth again in Europe’s third largest economy. Analysts expected a growth of 0.2% according to the Reuters overview, meaning that the Italian economy caused a positive surprise. Compared to the same period of the previous year, the increase was 1.8%.
The above data were all prepared on the basis of preliminary estimates, which are later reviewed by the statistical offices, however, in the review, we rarely see a large deviation compared to the quick estimate. The GDP of the eurozone will arrive soon, and the inflation data of the eurozone will come at the beginning of next week. French and Spanish GDP were already published this morning, in Spain we saw more than expected growth, French growth was modest but in line with expectations.
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