German economy robust, GDP rises by 0.4% in Q3 2022 on Q2

27 Nov '22

2 min read

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The German economy remains robust overall and the country’s gross domestic product (GDP) rose by 0.4 per cent in the third quarter (Q3) this year on the second, adjusted for price, seasonal and calendar variations, according to the Federal Statistical Office (Destatis). The Q3 2022 economic performance in the third quarter was mainly based on household final consumption expenditure.

The GDP increased, as had been the case in the first two quarters, despite difficult general conditions in the global economy such as the continuing pandemic, delivery bottlenecks, continuing price rises and the war in Ukraine.

Gross fixed capital formation in machinery and equipment also supported the economy, Destatis said in a release.

Despite continuing sharp price increases and the expanding energy crisis, consumers took the opportunity to travel and go out more, for example, also in the third quarter of 2022 after nearly all COVID restrictions had been lifted.

Trade with foreign countries went up, despite the difficult international situation. Thanks to the continuing high stock of orders and improved supply chains worldwide, exports of goods and services were up by 2 per cent in Q3 2022 compared with Q2, after price, seasonal and calendar adjustment. The 2.4 per cent increase in imports was even higher than that of exports.

In Q3 2022, the price-, seasonally- and calendar-adjusted gross value added grew by 1.4 per cent in Germany. One of the reasons was the surprisingly positive development in manufacturing.

GDP in Q3 2022 was up a price-adjusted 1.2 per cent and a price- and calendar-adjusted 1.3 per cent from Q3 2021.

Fibre2Fashion News Desk (DS)

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