Germany GDP downwardly revised to 1.7% in third quarter, misses forecasts

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By Maria Martinez

Germany’s economy grew less in the third quarter than initially reported, German statistics office Destatis said Thursday.

Gross domestic product rose by an adjusted 1.7% from the previous quarter, according to Destatis in its second estimate for the period. This expansion was less than economists’ expectations of 1.8% growth in The Wall Street Journal’s survey.

GDP grew 2.5% on year in the third quarter on a calendar and price-adjusted basis, Destatis said, confirming the preliminary estimate and in line with forecasts of economists polled by the Journal.

Compared with the fourth quarter of 2019, the quarter before the coronavirus crisis began in Europe, GDP was 1.1% lower in the third quarter of 2021, Destatis said.

In the third quarter, household consumption rose 6.2% on the quarter after adjustment for price, seasonal and calendar variations. Government final consumption expenditure decreased by 2.2%. Investment fell, being 3.7 down in equipment and 2.3% down in construction.

Foreign trade decreased in the third quarter. Exports posted a 1.0% decline and imports fell by 0.6% compared with the previous quarter.

Write to Maria Martinez at maria.martinez@wsj.com


This article was originally published by Marketwatch.com. Read the original article here.

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