German GDP grew by 0.4% in the third quarter
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German GDP in the third quarter increased by 0.4% compared to the previous quarter. Such data were published today, November 25, by the German Federal Statistical Office (Destatis). Over the year, GDP grew by 1.2%. Such data turned out to be slightly better than the forecasts of analysts polled by Reuters: they expected growth of 0.3% and 1.2%, respectively. GDP growth is associated primarily with an increase in household spending – this summer, in the context of the lifting of covid restrictions, Germans began to travel more, go to restaurants, etc.
According to some experts, such results in the third quarter mean that the decline in the German economy, which predicts most analysts may turn out to be less significant than previously thought. VP Bank Senior Economist Thomas Gitzel noted that GDP could also rise in the fourth quarter. According to the German economic institute GfK, after the measures of support from the government, consumer sentiment in the country has improved, and fears about rising energy prices have decreased. However, the German Ministry of Economics still expects a recession between October 2022 and March 2023.
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