German GDP increased in line with forecasts in Q3

According to the report from Federal Statistical Office (Destatis), the German economy grew slightly in the third quarter of 2019. The gross domestic product rose 0.1% on the second quarter of 2019 after adjustment for price, seasonal and calendar variations. German economic performance in the second quarter of 2019 had been down 0.2%. In the first quarter of 2019, the German economy had grown by 0.5%.

The quarter-on-quarter comparison (price, seasonally and calendar-adjusted) shows that positive contributions came from consumption, according to provisional calculations. Household final consumption expenditure increased by 0.4% on the second quarter of 2019 and government final consumption expenditure rose by 0.8%. Development of foreign trade made a positive contribution to economic growth, according to provisional calculations. Exports were up 1.0% (price, seasonally and calendar adjusted) on the second quarter of 2019, which had seen a sharp drop in goods exports. Imports in the third quarter of 2019 remained roughly at previous quarter's level (+0.1%).

Compared with a year earlier, the price-adjusted GDP rose 1.0% in the third quarter of 2019. After calendar adjustment, GDP was up by 0.5% on the third quarter of 2018 because there was one working day more than a year earlier.