German Preliminary GDP rises 0.2% QoQ in Q1 vs. 0.1% expected

• German GDP rebounds 0.2% QoQ in Q1 vs. 0.1% estimate.
• Annual German GDP contracts 0.2% in Q1 vs. -0.2% anticipated.
• EUR/USD shrugs off the mixed German Q1 GDP report.

The German economy grew 0.2% over the quarter in the first quarter of 2024 after contracting 0.3% in the last quarter of 2023, according to the preliminary data published by Destatis on Tuesday. The data surpassed the expected 0.1% expansion.

Germany’s Unemployment Rate held steady at 5.9% in April while Unemployment Change stood at 10K, higher than the 7K expected.

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