The German economy continued to grow also at the beginning of the year, though at a slower pace. The Federal Statistical Office (Destatis) also reports that the gross domestic product (GDP) increased 0.3% - upon price, seasonal and calendar adjustment - in the first quarter of 2018 compared with the fourth quarter of 2017. This is the 15th quarter-on-quarter growth in a row, contributing to the longest upswing phase since 1991. Last year, there were higher GDP growth rates (+0.7% in the third quarter and +0.6% in the fourth quarter of 2017).