Final data provided by the Federal Statistical Office (Destatis) showed that the German economic recovery continued in the third quarter - GDP increased by 1.7% QoQ after expanding by 2.0% in the second quarter (revised from +1.6%). Economists had expected GDP to grow by 1.8%. The data also showed that GDP was 1.1% lower than before the pandemic.
In annual terms, GDP grew by 2.5% in the 3rd quarter after an increase of 10% in the 2nd quarter. Thus, the process of recovery from the historic recession in 2020 continued, albeit at a slower pace.
Destatis reported that household final consumption expenditure increased markedly in the third quarter - by 6.2% compared to the 2nd quarter, while the general government reduced its final consumption expenditure by 2.2%.
As for foreign trade, in the third quarter, exports of goods and services decreased by 1.0% QoQ, while imports decreased by 0.6% QoQ.