The Federal Statistical Office published the data on Germany’s gross domestic product for the third quarter of 2024, confirming slower growth than expected.

According to the statistics office, German GDP in this period stood at 0.1 %, which is “a downward revision of 0.1 points compared to the first estimate.”

Compared to the same period in 2023, the contraction of Germany’s economy was 0.3 percent. On the other hand, during the second quarter of this year, German GDP “had contracted by 0.3 % after having grown by 0.2 percent in the first quarter.”

Analysts believe that a crucial factor in the weak growth for the third quarter was private consumption, which increased by 0.3 %. On the other hand, government spending also rose by 0.4 %.

M.Pino

Source: DW

(Reference image source: Getty Images for Unsplash+)

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