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Financial News: German Economy Expands Less Than Expected In Q3

German Economy Expands Less Than Expected In Q3

10/29/2021 - 04:40:00 (RTTNews)

(RTTNews) - The German economy expanded less than expected in the third quarter, provisional data published by Destatis revealed on Friday.

Gross domestic product grew 1.8 percent sequentially, slightly slower than the 1.9 percent expansion posted in the second quarter. Economists had forecast a quarterly growth of 2.2 percent.

This was the second consecutive expansion after the 1.9 percent decline posted at the start of the year. Destatis said the third quarter growth was mainly attributable to higher household consumption expenditure.

On a yearly basis, calendar-adjusted GDP growth eased markedly to 2.5 percent, in line with expectations, from 9.8 percent in the second quarter. On an unadjusted basis, GDP grew 2.5 percent in the third quarter, after 10.3 percent expansion seen in the preceding period. Detailed results will be released on November 25.

The increase in GDP in Germany in the third quarter brought the economy close to its pre-pandemic size and means the recovery phase is now largely complete, Andrew Kenningham, an economist at Capital Economics said. Growth is set to slow sharply in the next quarter.

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