Germany’s economy grew by 0.4 percent on a quarterly basis in the first quarter, following a stagnation in the previous period. The German Federal Statistical Office announced this on the basis of a definitive figure. This corresponded to the preliminary data released by the German Statistical Office earlier this month.

Compared with a year earlier, Germany’s economy showed a plus of 0.6 percent, compared to a growth of 0.9 percent in the fourth quarter.

According to ING economist Carsten Brzeski, the first quarter for the German economy was much better than many had expected. The figures do show the gap between strong domestic demand on the one hand and the faltering external demand in the largest economy of the euro area, on the other.

According to ING, the ongoing trade dispute between the US and China is a clear headwind for the already damaged export sector. Higher oil prices can further undermine current strong domestic demand and consumer spending and further put pressure on companies’ profit margins.

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