The German economy grew by 0.4% in the third quarter

The Federal Statistical Office of Germany (Destatis) announced the final growth data for the German economy for the third quarter of the year.

Consequently, the seasonally and calendar adjusted Gross Domestic Product (GDP) in Germany increased by 0.4 percent in the third quarter compared to the previous quarter.

Thus, Destatis revised growth from 0.3 percent, which was announced on October 28 with advance data, to 0.4.

RECRUITMENT IS EXPECTED NEXT YEAR

Destatis pointed out that the German economy grew by 0.8%, 0.1% and 0.4%, respectively, in the first three quarters of the year, despite the ongoing Covid-19 epidemic, bottlenecks in supply, rising prices and the war in Ukraine, and difficult global economic conditions. He observed an increase in GDP.

The country’s GDP grew 1.3 percent compared to the third quarter of last year.

On a quarterly basis, there was a positive contribution to GDP, especially from household consumption expenditures.

In the third quarter, private spending increased 1 percent compared to the previous quarter, while public spending was flat. While the expenses in machinery and equipment increased 2.7 percent, a decrease of 1.4 percent was observed in the investments in construction. In the same period, exports of goods and services increased by 2.4 percent.

The government expects 1.4 percent growth in the economy this year and a 0.4 percent contraction next year. (AA)