Forex News Update: Germany's GDP Growth Accelerates As Estimated

As at 23 November 2017, 11:27

Germany's economic growth accelerated as estimated in the third quarter, detailed report from Destatis revealed Thursday. Gross domestic product grew 0.8 percent sequentially, faster than the 0.6 percent expansion logged in the second quarter. The rate came in line with the estimate published on November 14. The sequential growth was largely driven by foreign demand and investment, while private consumption remained weak in the third quarter. Year-on-year, GDP climbed calendar-adjusted 2.8 percent, following the 2.3 percent growth seen a quarter ago. Likewise, price-adjusted GDP growth improved to 2.3 percent from 1 percent. The annual figures also matched preliminary estimate. The expenditure-side breakdown of GDP showed that private spending slid 0.1 percent, reversing a 0.9 percent rise a quarter ago. At the same time, government expenditure remained flat on quarter. Gross fixed capital formation growth eased to 0.4 percent from 1.5 percent in the preceding period. Export growth climbed to 1.7 percent from 1 percent, while growth in imports eased to 0.9 percent from 2.4 percent.