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FX.co ★ German Economy Grows Slightly Less Than Estimated

German Economy Grows Slightly Less Than Estimated

The German economy expanded slightly less than estimated in the third quarter, revised data from Destatis showed on Thursday.

Gross domestic product grew 1.7 percent sequentially in the third quarter, instead of 1.8 percent estimated on October 29.

Destatis said the recovery of the German economy thus continued in summer, after the GDP had grown by 2.0 percent in the second quarter.

The expenditure-side breakdown showed that household spending grew 6.2 percent, while government spending fell 2.2 percent in the third quarter.

Gross fixed capital formation also dropped 2.2 percent. Further, exports and imports were down 1 percent and 0.6 percent, respectively.

Compared with the fourth quarter of 2019, the quarter before the coronavirus crisis began, GDP was 1.1 percent lower.

On a yearly basis, calendar-adjusted GDP growth eased markedly to 2.5 percent, in line with preliminary estimate, from 10.0 percent in the second quarter.

On an unadjusted basis, GDP grew 2.5 percent in the third quarter, after 10.4 percent expansion seen in the preceding period. The third quarter annual figure matched the preliminary estimate.

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