Germany’s economy unexpectedly grows 0.3% in 3rd quarter
Growth accelerated from 2nd quarter thanks to private consumption expenditure
By Tuba Sahin
ANKARA (AA) - Germany’s economy unexpectedly grew 0.3% in the third quarter of this year compared to the previous period as the market had estimated a contraction.
The growth accelerated from the second quarter (0.1%) thanks to private consumption expenditure, according to flash data released on Friday.
"After the slight increase seen in the second quarter of 2022 (up 0.1%), the German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices and the war in Ukraine," Destatis said in a statement.
Europe's largest economy's gross domestic product (GDP) rose 1.1% year-on-year in July-September, while the growth was 1.7% in April-June.
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