Final data published by the Federal Statistical Office (Destatis) showed that in the third quarter, GDP grew by 0.1%, partially offsetting a decrease of 0.3% in the 2nd quarter. Economists had expected the economy to expand by 0.2%, which would confirm the preliminary estimate. Compared with other countries, Germany's economic performance was slightly below the European average: in the 3rd quarter, the GDP of the European Union (EU) as a whole increased by +0.3% quarter on quarter.
Household final consumption expenditure increased by 0.3% QoQ. Consumers spent more, for instance, on non-durable consumer goods, such as food and beverages. Government final consumption expenditure also increased (+0.4% QoQ). Overall, final consumption expenditure rose by 0.3% compared with the 2nd quarter. Meanwhile, gross fixed capital formation in machinery and equipment in the 3rd fell by 0.2% and gross fixed capital formation in construction by 0.3%. Exports of goods and services were down 1.9% from the 2nd quarter, with exports of goods falling substantially (-2.4%). On the other hand, imports of goods and services rose slightly, by 0.2%, a development which is partially attributable to increasing imports of goods (+1.3%).
The data also showed that in annual terms, GDP fell by 0.3% after +0.1% in the 2nd quarter. Consensus estimates and preliminary estimates suggested a 0.2% contraction. Year on year, and after adjustment for price, seasonal and calendar variations, Germany's economic development (-0.3%), was clearly below that of the EU (+1.0%).