German GDP in the third quarter increased by 0.4%

According to the German Federal Statistical Office Destatis, the country's economy grew by 0.4% in the third quarter compared to the previous three months. Initially, the agency announced GDP growth of 0.3% in July-September, and analysts did not expect a revision of the indicator. 

In annual terms, GDP growth adjusted for the number of working days was 1.3%, while an increase of 1.2% was previously reported.

In the second quarter, German GDP increased by 0.1% in quarterly terms and by 1.7% for the year.

In addition to data on German economic growth, Destatis presented statistics on consumer spending in the third quarter: they jumped by 1% compared to the previous quarter, becoming the main driver of GDP growth.

The agency noted that despite the continued sharp increase in prices and the intensification of the energy crisis, consumers took advantage of the opportunity to travel and spend more time away from home.

Government spending did not change, while capital expenditures increased by 0.2%. Exports rose by 2%, imports increased by 2.4%.