German economy posts unexpected Q3 growth
2022.10.28 04:41
© Reuters. FILE PHOTO: The Berlin skyline is seen, during the spread of coronavirus disease (COVID-19) in Berlin, Germany, April 1, 2020. REUTERS/Michele Tantussi
BERLIN (Reuters) – The German economy grew unexpectedly in the third quarter, data showed on Friday, as Europe’s largest economy staved off the threat of recession for now despite high inflation and concerns over energy supply.
Gross domestic product increased by 0.3% compared to the previous quarter in seasonally adjusted terms, the federal statistics office. A Reuters poll had forecast a 0.2% contraction.
“The German economy … continued to hold its own despite difficult global economic conditions with the ongoing COVID pandemic, disrupted supply chains, rising prices and the war in Ukraine,” the office said in a statement.
In the previous quarter, the German economy grew slightly by 0.1% quarter on quarter.
Year on year, GDP rose by 1.2% in the third quarter in seasonally adjusted terms, beating analysts’ forecast of 0.8% growth.
In its latest forecast, the government predicted a looming recession in Germany, with GDP to slump by 0.4% next year.
