The final data published by the Federal Statistical Office (Destatis) showed that in the third quarter the German economy expanded by 0.4%, which was higher than the preliminary estimates and forecasts of economists (+0.3%). In the second quarter, GDP grew by only 0.1%. In annual terms, economic growth slowed to 1.3% from 1.7% in the second quarter. Consensus estimates suggested a 1.2% increase. Compared with the fourth quarter of 2019, the quarter before the Covid-19 crisis began, the price, seasonally and calendar adjusted GDP for the first time exceeded the pre-pandemic level in the third quarter of 2022 (+0.3%).
Destatis reported that the economy was supported by household final consumption expenditure (+1% in quarterly terms) and gross fixed capital formation in machinery and equipment (+2.7% relative to the second quarter). The data also indicated an increase in trade with foreign countries, despite the difficult international situation. Thanks to the continued high volume of orders and improved supply chains around the world, exports of goods and services increased by 2.0% compared to the second quarter of 2022, while imports increased by 2.4%.