German Growth Slows in Q-3
German Growth Slows in Q-3
German economic growth slowed in Q-3, preliminary data from the federal statistics office showed Thursday.
GDP expanded by 0.2% in Q-3, in line with economists forecasts, but below the rates registered earlier in the year. German GDP expanded by quarterly rates of 0.3% in Q-2, and 0.5% in Q-1 of Y 2012.
The data are inflation-adjusted and take account of seasonal and calendar effects.
Economic growth was once again driven by exports, but economists warn that slack activity in the euro zone, Germany’s largest trading partner, will hit growth in the fourth quarter. Activity was driven by foreign demand while “there were mixed signals from the domestic side”, the statistics office said.
The latest data indicate that Germany will not be immune to the slump in Eurozone activity. German manufacturing orders plunged in September owing to weak orders from within the Eurozone.
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In Q-3, both private and public consumption rose from the second quarter and construction investment was also higher. “This roughly compensated for another decrease in investment in machinery and equipment and declining inventories,” the statistics office said.
In an annual comparison, Germany’s gross domestic product rose by 0.9% in Q-3, in calendar-adjusted terms, slightly above economists forecasts of 0.8%.
The German government in October slashed its growth forecast to 1% next year from the previous forecast of 1.6%. For the current year, the government slightly raised its economic growth outlook to 0.8% from 0.7% previously.
By comparison, the euro-zone economy is widely expected to contract this year before stagnating in Y 2013.
The statistics office will publish detailed information on Germany’s Q-3 GDP on 23 November.
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