GERMANY

摘要

The first estimate of Q1 GDP indicated that the German economy grew a disappointing 0.2% (q-o-q), the same rate of growth as in the previous quarter. As expected, private consumption remained weak over the period, falling by 0.8% (q-o-q). In the absence of a recovery in domestic demand, Germany is becoming increasingly reliant on export-fuelled manufacturing growth which has suddenly taken off following the rapid depreciation of the euro.