Flash German GDP report for Q1 2023 was released today at 9:00 am BST. Report turned out to be a disappointment with the German economy neither growing, nor contracting in the first 3 months of the year (0.0% QoQ) while the market expected a 0.2% QoQ growth. 

Release comes after French data released earlier today came in-line with expectations (0.2% QoQ) and Spanish releases showed a higher-than-expected growth of 0.5% QoQ (exp. 0.3% QoQ). Data from Italy, released simultaneously to German reading, also showed better-than-expected growth of 0.5% QoQ (exp. 0.2% QoQ).

DE30 deepened slide after Q1 GDP report missed expectations and showed no growth (0.0% QoQ) in January-March period. Source: xStation5