Business

Sunday 17 December 2017

German economic growth slows in third quarter

German flag
German flag

Michael Nienaber

German economic growth slowed in the third quarter of 2015 as foreign trade weighed on Europe's largest economy, according to preliminary data from the Federal Statistics Office.

Germany's gross domestic product (GDP) grew by 0.3pc on the quarter between July and September after a confirmed 0.4pc expansion in the previous three months.

The third quarter reading was in line with the consensus forecast in a Reuters poll.

The Statistics Office said domestic demand was the key driver of economic growth. "Private and public consumption both increased," it said in a statement, adding however that investment in equipment inched down.

"According to preliminary estimates, growth was held back by foreign trade because imports rose far more strongly than exports," the office said.

Unadjusted data showed the economy expanded by 1.8pc on the year between July and September, also in line with the Reuters consensus forecast.

Reuters

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