German GDP grows 0.4% in the 3rd quarter, mitigating expectations of a severe recession

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Germany’s economy grew slightly more in the third quarter than preliminary figures suggested, amplifying signs that an expected recession will not be as severe as initially feared, data showed on Friday (25).

Europe’s biggest economy expanded 0.4% in the third quarter from the previous three months and 1.3% year-on-year, adjusted for price and calendar effects, the federal statistics office said.

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Analysts polled by Reuters had expected the economy to grow 0.3% on a quarterly basis and 1.2% on an annual basis.

Household spending was the main reason for the increase as consumers traveled and got out more after nearly all pandemic restrictions were lifted.

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“It is by no means a foregone conclusion that Q3 GDP growth marks the end of positive growth rates for now,” said VP Bank Chief Economist Thomas Gitzel, who added that Q4 could also be positive. .

The government predicts that the economy will grow by 1.4% this year and contract by 0.4% next year.

Source: CNN Brasil

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