By Maria Martinez
BERLIN, April 30 (Reuters) – Germany’s gross domestic product grew more than expected in the first quarter despite the geopolitical shock of the war in Iran, with household consumption and government spending as the main drivers.
The economy grew by 0.3% in the first quarter compared with the previous three-month period, preliminary data from the statistics office showed on Thursday. Analysts polled by Reuters had forecast a rise of 0.2%.
Based on the provisional results, exports were also up.
Europe’s largest economy has struggled to regain momentum since the COVID-19 pandemic, as rising competition from China and higher energy prices have strained its export-driven model.
The data for the first quarter bring positive news, as the latest surge in energy prices poses a further threat to its long-awaited recovery.
(Reporting by María Martínez and Ludwig Burger, editing by Friederike Heine and Thomas Seythal)
