Statistics Office: German Economy Grows by 0.3% in Q1

The German economy, Europe's biggest, grew by 0.3 percent in the first quarter of 2015, slightly slower than expected, data published by the federal statistics office Destatis showed on Wednesday.

Gross domestic product (GDP) expanded by 0.3 percent in price, calendar and seasonally adjusted terms in the period from January to March compared with the preceding three months, Destatis said in a statement. 

Analysts had been penciling in first-quarter growth of 0.5 percent after GDP expanded by 0.7 percent in the fourth quarter of 2014.

"The German economy continued on its growth path, but at a slightly slower momentum" in the first quarter, Destatis said. 

The main growth driver was domestic demand, with both private households and the public sector increasing spending. 

Investment also increased, particularly in construction and equipment. 

Exports also increased slightly and imports rose more strongly. 

On a 12-month comparison, GDP grew by 1.1 percent in the January-March period compared with the same three months a year earlier, Destatis said. 

The statistics office said it would publish a more detail breakdown of the different GDP components on May 22.