Germany’s economy grows 0.4% in 3rd quarter

ANKARA

Germany’s gross domestic product (GDP) rose 0.4% in the third quarter of this year compared to the previous quarter, according to data released on Friday.

The figure was slightly better than the first reading of 0.3% growth, primarily backed by household consumption expenditure, the German statistical office Destatis reported.

Third-quarter growth was greater than the second quarter’s 0.1% despite global economic challenges such as the COVID-19 pandemic, delivery bottlenecks, surging prices, and the Russia-Ukraine war.

Household final consumption expenditure increased 1.0% quarter-on-quarter as people traveled more thanks to easing COVID-19 restrictions.

On an annual basis, the German economy grew 1.2% in the July-September period, 0.1 percentage point higher than the first reading, but lower than the 1.7% growth recorded in April-June.

• GDP
• Gross domestic product