Germany 3Q growth confirmed at 0.2 per cent

AFP, BERLIN: Germany's economic growth in the third quarter this year was just 0.2 per cent, driven mainly by domestic consumption but dented by foreign trade, the federal statistics office Destatis confirmed on Thursday.
Domestic spending rose 0.4 per cent and state expenditure by one per cent compared to the preceding quarter, but gross investment and imports experienced negligible growth and exports fell by 0.4 per cent.
"Foreign trade had a negative effect on gross domestic product (GDP) growth" in the order of 0.3 per centage points, Destatis said.
The period covers the immediate aftermath of the Brexit referendum in Britain, a major market for German goods. The report confirmed provisional figures issued on November 15. Analysts have predicted a pick-up in activity for the final quarter.
Expressed on a year-on-year basis, Germany's economy expanded 1.7 per cent in the third quarter, after 1.8 per cent in the second quarter and 1.9 per cent in the first quarter.
In 2015, Germany notched up economic growth of 1.7 per cent. The government predicts growth of 1.8 per cent in 2016, which will fall to 1.4 per cent in 2017.

Germany 3Q growth confirmed at 0.2 per cent

AFP, BERLIN: Germanys economic growth in the third quarter this year was just 0.2 per cent, driven mainly by domestic consumption but dented by foreign trade, the federal statistics office Destatis confirmed on Thursday. Domestic spending rose 0.4 per cent and state expenditure by one per cent compared to the preceding quarter, but gross investment and imports experienced negligible growth and exports fell by 0.4 per cent. Foreign trade had a negative effect on gross domestic product (GDP) growth in the order of 0.3 per centage points, Destatis said. The period covers the immediate aftermath of the Brexit referendum in Britain, a major market for German goods. The report confirmed provisional figures issued on November 15. Analysts have predicted a pick-up in activity for the final quarter. Expressed on a year-on-year basis, Germanys economy expanded 1.7 per cent in the third quarter, after 1.8 per cent in the second quarter and 1.9 per cent in the first quarter. In 2015, Germany notched up economic growth of 1.7 per cent. The government predicts growth of 1.8 per cent in 2016, which will fall to 1.4 per cent in 2017.