Germany's GDP shrinks 0.1% in 3rd quarter as initially estimated

By Tuba Ongun

ANKARA (AA) – Germany's gross domestic product contracted 0.1% quarter-on-quarter in the July-September period as initially estimated, according to second reading released on Friday.

The third quarter figure followed a 0.1% growth in the second quarter and stagnation in the first quarter, the Federal Statistical Office (Destatis) said in a statement.

The household final consumption expenditure decreased 0.3% from the previous quarter due to persistent inflation and increasing borrowing costs.

Foreign trade fell in the third quarter with total exports of goods and services going down 0.8% from the previous three-month period and imports declined by 1.3%.

Economic performance dropped markedly by 1.3% in industry, excluding construction, in the same period.

On an annual basis, Europe's economy shrank 0.4% in the third quarter of 2023, revised downwards flash reading of 0.3%.