German economy sees 5fth consecutive annual contraction in GDP

German economy sees 5fth consecutive annual contraction in GDP

German economy contracts by 0.2% year-on-year in Q1, but expands by 0.2% quarter-on-quarter

By Gokhan Ergocun

RIYADH (AA) - The German economy has contracted by 0.2% in the first quarter of 2024 on a yearly basis, the country's statistical department Destatis stated on Tuesday.

Since the beginning of the last year, the German economy has been contracting annually for five consecutive quarters.

Last year, the German economy narrowed by 0.2% in the first, second and fourth quarters and 0.4% in the third quarter, on a yearly basis.

On a quarterly basis, the country's gross domestic product (GDP) was slightly up by 0.2% in the January-March period.

The GDP contracted by 0.5% in the last quarter of 2023. Due to two consecutive falls in GDP, the German economy had also entered a technical recession last year.

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