German economy posts unexpected Q3 growth

Gross domestic product increased by 0.3 percent compared to the previous quarter in seasonally adjusted terms, the federal statistics office. A Reuters poll had forecast a 0.2-percent contraction.

“The German economy … continued to hold its own despite difficult global economic conditions with the ongoing COVID pandemic, disrupted supply chains, rising prices and the war in Ukraine,” the office said in a statement.

In the previous quarter, the German economy grew slightly by 0.1 percent quarter on quarter.

Year on year, GDP rose by 1.2 percent in the third quarter in seasonally adjusted terms, beating analysts’ forecast of 0.8 percent growth.

In its latest forecast, the government predicted a looming recession in Germany, with GDP to slump by 0.4 percent next year.