New rental apartments are being constructed in the Ehrenfeld district of Cologne, signaling growth and development in the region. This comes as Germany’s economy slightly expanded in the first quarter, with increased activity in the construction sector and a rise in exports driving the growth.
Government data released on Friday showed that Germany’s economy grew by 0.2% in the first quarter, matching a preliminary estimate released earlier. Ruth Brand, president of the Federal Statistical Office, stated that the German economy started 2024 on a positive note after experiencing a decline at the end of 2023. The central bank anticipates modest growth in the second quarter, but analysts and investors believe that significant challenges still face the economy and it is not expected to see rapid recovery this year.
In 2023, Germany experienced a slight recession with a price-adjusted decline of 0.2%, influenced by global economic slowdown, high energy prices and rising interest rates. Despite these challenges, new housing options are becoming available for residents in Cologne’s Ehrenfeld district, signaling hope for continued growth and development in the region.
