German 3Q Adjusted GDP Up 0.1%, Unchanged From First Estimate
November 22 2019 - 2:56AM
Dow Jones News
By Maria Martinez
Germany's economy grew in the third quarter on the back of
consumption, Germany's Federal Statistical Office said Friday,
confirming a preliminary estimate.
The quarter-on-quarter comparison shows that positive
contributions in the quarter mainly came from household and
government consumption, Destatis said. Household final consumption
edged 0.4% higher on the quarter and government consumption rose
0.8%.
As previously reported, gross domestic product--the broadest
measure of goods and services produced in an economy--increased an
adjusted 0.1% from the previous quarter. GDP grew 0.5% on year in
the third quarter on a calendar and price-adjusted basis, Destatis
said, confirming the first estimate. In a year-on-year comparison,
it was also consumption that supported the economy.
Before last week's preliminary estimate, a number of economists
had expected Germany's economy to slip into a technical recession.
Recent indicators sent mixed signals on growth, with improvements
in manufacturing orders but weak data on industrial production.
Foreign trade was another driver of economic growth. Destatis on
Friday said exports rose 1.0% in the quarter, while imports grew
0.1%.
Gross fixed capital formation went up 1.2% in the construction
sector in comparison with the previous quarter, while decreasing in
machinery and equipment 2.6%.
German GDP declined 0.2% in the second quarter, after having
grown 0.5% in the first quarter.
Write to Maria Martinez at maria.martinez@wsj.com
(END) Dow Jones Newswires
November 22, 2019 02:41 ET (07:41 GMT)
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