Exports and consumption driven the German economy in the third quarter

Contrary to gloomy forecasts, the German economy expanded in the third quarter. According to the second estimate released by the Federal Bureau of Statistics (Destatis) on Friday, recession was avoided thanks to strong export performance and rising consumer and public spending.

Based on a broader set of data, Germany’s gross domestic product, adjusted for price, seasonal and calendar effects, grew by 0.1 percent in July-September compared to the previous three months. The second quarter saw a 0.2 percent decline, while the first quarter saw a 0.5 percent increase. (MTI)