The German economy picked up speed in the third quarter, propelled by exports and corporate investments, the Federal Statistical Office, Destatis, said Thursday.
Germany’s gross domestic product grew at a quarter-to-quarter rate of 0.8% in the three months through September, or 3.3% in annualized terms, Destatis said in a press release. This confirmed preliminary growth estimates, but provided additional details about the drivers of growth.
The data reflect a pickup in global demand for high-end tools and machinery and stronger corporate investments in Europe’s largest economy.
Illustrating the trend, German exports increased 1.7% from the second quarter, while investments in plant and machinery rose 1.5%. The data take account of seasonal swings and calendar effects.
Consumption by households and the government, which led economic activity in previous quarters, was slack in the third quarter. Household consumption slipped 0.1% from the second quarter, while government consumption was flat.
Source: Dow Jones