The German economy rebounded in the first quarter after narrowly avoiding recession late last year, led by a strong rise in household consumption and a booming construction sector, the Federal Statistical Office said Thursday.
Germany's gross domestic product--the broadest measure of goods and services produced in an economy--expanded 0.4% in the three months through March from the previous quarter, which equals an annualized growth rate of 1.7%.
The statistics body said that private consumption surged 1.2% from the fourth quarter, whereas government consumption declined 0.3% after a strong rise in the previous quarter.
Investments picked up, led by a 1.9% rise in construction spending in the three months through March.
Source: Marketwatch
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