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Financial News: Germany's GDP Growth Accelerates In Q3

Germany's GDP Growth Accelerates In Q3

11/14/2017 - 02:25:00 (RTTNews)

(RTTNews) - Germany's economic growth accelerated in the third quarter, data published by the Federal Statistical Office showed Tuesday.

Gross domestic product grew 0.8 percent sequentially, faster than the 0.6 percent expansion logged in the second quarter. The growth rate was forecast to remain at 0.6 percent.

On a yearly basis, GDP climbed calendar-adjusted 2.8 percent, following the 2.3 percent growth seen a quarter ago. GDP was expected to climb again by 2.3 percent.

Likewise, price-adjusted GDP growth improved to 2.3 percent from 1 percent. The rate was above the expected rate of 2 percent.

Positive contributions to sequential growth came from foreign trade. In the third quarter, the increase in exports was higher than that of imports.

While final consumption expenditure of both general government and households remained rather stable at the previous quarter's level, gross fixed capital formation made a positive contribution to economic growth, data revealed.

Another report from the statistical office showed that business insolvencies declined 4.3 percent on year to 1,712 in August.

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