Germany: Gross Domestic Product expands by 3.7% (YoY) in Q1 vs. 3.6% expected

• German economy expanded by 3.7% (YoY) in the first quarter.
• EUR/USD clings to strong daily gains above 1.0550 after the data. 

The data published by Germany's Destatis revealed on Friday that the economy grew by 3.7% on a yearly basis in the first quarter (calendar-adjusted) of 2022. This reading came in slightly better than the market expectation of 3.6% and followed the 1.8% expansion recorded in the previous quarter.

On a quarterly basis, the GDP rose by 0.2%, compared to analysts' estimate of 0.1%. 

Market reaction

EUR/USD preserves its bullish momentum after these data and it was last seen trading at 1.0570, where it was up 0.72% on a daily basis. Meanwhile, Germany's DAX 30 is gaining more than 1% on the day, reflecting the upbeat market mood.