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Financial News: German Economy Expands As Estimated In Q3

German Economy Expands As Estimated In Q3

11/22/2019 - 02:21:00 (RTTNews)

(RTTNews) - The German economy avoided a technical recession in the third quarter, as initially estimated, latest data from Destatis showed Friday.

Gross domestic product grew 0.1 percent sequentially, following second quarter's 0.2 percent contraction. The rate came in line with the estimate published on November 14.

On a yearly basis, unadjusted GDP advanced 1 percent in the third quarter, offsetting the 0.1 percent decline in the preceding period.

Calendar-adjusted GDP growth accelerated to 0.5 percent from 0.3 percent in the second quarter. This was the fastest growth in a year. Both annual growth figures matched the provisional estimate.

The expenditure-side breakdown showed that household final consumption expenditure gained 0.4 percent and government final consumption expenditure climbed 0.8 percent from prior quarter.

Overall gross fixed capital formation was down 0.1 percent. Fixed capital formation in construction was markedly up by 1.2 percent on the previous quarter, while investment in machinery and equipment was down 2.6 percent.

Development of foreign trade made a positive contribution to economic growth. Exports were up 1 percent. At the same time, imports rose only 0.1 percent.

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