The German economy, the biggest in the 12-country euro zone, grew by 0.4% in the first three months of the current year, with growth driven solely by exports.
Confirming preliminary figures published on May 13, the federal statistics office, Destatis, calculated that gross domestic product grew by 0.4% in the period from January to March compared with the preceding three months.
Exports jumped by 4.6% in the three-month period, while imports were up by a more modest 2.9%, and the resultant export surplus contributed 0.8 percentage point to overall GDP growth, the statisticians said.
By contrast, domestic demand contracted by 0.4%. Destatis calculated that household consumption stagnated in the January-March period after already contracting during the three preceding quarters.
Public or state consumption contracted by 1.2%. Investment decreased by 1.8%, with investment in equipment and construction down by 0.4% and 3.1%.
Analysts say that domestic demand will have to recover if the German economy is to recover sustainably. Germany is the only euro zone country where household spending declined consistently for two years, during 2002 and 2003.
