Germany’s economy unexpectedly grows 0.3% in 3rd quarter

ANKARA

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.