Ekonomické zprávy

German economy stabilized in the 1st quarter

Preliminary data published by the Federal Statistical Office (Destatis) showed that GDP did not change in the 1st quarter after a 0.5% reduction in the 4th quarter (revised from -0.4%). Economists had expected the economy to expand by 0.2%. The final consumption expenditure of both households and government declined at the beginning of 2023. Positive contributions, in contrast, came from capital formation and exports.

Destatis also said that in annual terms, GDP fell by 0.1% after an increase of 0.8% in the 4th quarter (revised from +0.9%). Consensus estimates suggested GDP growth of 0.3%.

Meanwhile, separate data from the Federal Employment Agency showed that in April the unemployment rate remained at 5.6%, as expected, but the number of unemployed increased by 24 thousand, to 2.567 million, exceeding economists' forecasts (+10 thousand). In March, the number of unemployed increased by 16 thousand.

"The sluggishness of the economy hindered the spring recovery in the labor market. Overall, however, the labor market is in a stable condition," the Federal Employment Agency said.

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