German Economy Grows by 0.3% in Q3 – Destatis Data
2022.10.28 05:07
© Reuters.
By Scott Kanowsky
Investing.com — German economic growth unexpectedly accelerated in the third quarter to 0.3%, according to preliminary data from the German statistics office on Friday, up from 0.1% in the previous three-month period.
Economists had predicted that in the Eurozone’s largest economy would contract by 0.2%.
Private consumer spending helped drive output higher, Destatis said, in a sign that consumption remains resilient despite a massive spike recently in food and energy prices. Germany’s print is due out later today, with the reading expected to stay at a more than 70-year high of 10.9% on an basis.
Destatis added the German economy continued to “hold its ground” in the face of headwinds from supply chain disruptions and a slowdown in Russian gas flows stemming from political tensions over the war in Ukraine.
