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Germany's economy grew by 0.3% quarter-on-quarter in the first quarter.
The Federal Statistical Office of Germany released preliminary data on April 30th, showing that after price, seasonal, and working day adjustments, Germany’s gross domestic product (GDP) grew by 0.3% quarter-on-quarter in the first quarter of this year. In the fourth quarter of last year, the German economy grew by 0.2% quarter-on-quarter.
The Federal Statistical Office of Germany stated in its announcement that private and government consumption expenditures were the main drivers of economic growth in the first quarter of this year. Additionally, exports also increased.
The Kiel Institute for the World Economy issued a statement on the same day saying that the sharp rise in energy and raw material prices triggered by the Middle East conflict has begun to exert pressure on the economy. If the conflict continues, it will not only further weaken business and consumer confidence but also disrupt international supply chains, potentially leading to a decline in economic output in the second quarter. (Xinhua News Agency)