Berlin - (Saba):
Germany's gross domestic product (GDP) unexpectedly rose by 0.4 percent in the first quarter of this year, compared to the previous quarter, exceeding initial expectations of 0.2 percent growth.
Data from the German Federal Statistical Office on Friday showed that increased exports and increased consumer spending were the main factors contributing to the boost in economic growth during this period.
"The surprisingly good economic development in March was the main reason for the increase in growth," said Ruth Brand, head of the office, noting that the manufacturing and export sectors developed better than expected.
Exports from the automotive and pharmaceutical sectors, in particular, contributed to economic performance in the first quarter of the year.
Personnel consumption expenditures rose by 0.5 percent compared to the previous quarter, supported by lower inflation rates and higher wages in some sectors, which increased the income of many Germans.
Investments also grew in the construction sector by 0.5 percent and the equipment sector by 0.7 percent.
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