German economy eludes third quarter recession with 0.1% expansion

14.11.2019 - Korneychuk Evgeniya
German economy eludes third quarter recession with 0.1% expansion

The German economy eluded recession in third quarter, saved by strong consumer spending that raised the output by 0.1% quarter-on-quarter. It withstood anticipations of a contraction, as shown by data released on Thursday.

Europe’s largest economy expanded its gross domestic product by 0.5% from July to September, following a 0.3% raise from April to June.

Increase in spending by private households, as well as by the state and in construction, has helped to raise the output by 0.1%.

“We do not have a technical recession, but the growth numbers are still too weak,” Economy Minister Peter Altmaier said.

Exports rose in third quarter, however imports remained almost at the same level in the previous quarter. It showed that the net trade impacted the economy in a positive way.

Second quarter GDP rate was revised to 0.2% quarter-on-quarter contraction from a previous report of 0.1% decline by the Statistic Office.

Analysts had anticipated a 0.1% contraction quarter-on-quarter and 0.5% expansion year-on-year.

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