German Q3 GDP Growth Confirmed at 0.8%


The German economy expanded a seasonally-adjusted 0.8 percent on quarter in the September quarter of 2017, following a 0.6 percent growth in the previous period and matching the preliminary estimate. It marked the 13th straight quarter of growth, mainly supported by foreign trade and investment while household consumption and government spending were rather stable.

Positive contribution to GDP mainly came from net trade (0.4 percetage points) and fixed investment (0.1 percentage points). Also, changed in inventories added 0.4 percentage points to growth Meantime, household consumption subtracted 0.1 percentage points from growth while government spending gave no contribution to growth.

Quarter-on-quarter, exports rose 1.7 percent, faster than a 1.0 percent in the June quarter while imports went up at a slower 0.9 percent (from 2.4 percent).

Gross fixed capital formation went up 0.4 percent, following a 1.5 percent in the June quarter, supported by investment in machinery and equipment (1.5 percent from 3.3 percent) and that in other products (0.6 percent from 0.9 percent). Meantime, construction investment cotracted by 0.4 percent, after a 0.5 percent rise in Q2 

Private consumption declined by 0.1 percent, compared to a 0.9 percent increase in the preceding quarter. 

Government spending was flat, after a 0.2 percent rise in Q2.

Year-on-year, the GDP advanced 2.8 percent, following an upwardly revised  2.3 percent growth in the previous three months. On a non-seasonally adjusted basis the economy grew by 2.3 percent year-on-year (from 1.0 percent in Q2), as private consumption (2.1 percent from 2.2 percent) and government spending (0.9 percent from 1.1 percent) increased further. In addition, gross  fixed capital formation went up  at a faster 3.6 percent (from 2.1 percent in the June quarter), as investment growth accelerated for: machinery and equipment (4.6 percent from 1.5 percent) and construction (3.2 percent from 2.0 percent). Meanwhile, investment in other products grew by 3.2 percent (from 3.4 percent). Net external demand contributed positively to the GDP, as exports went up 4.8 percent while imports advanced at a faster 5.5 percent.


German Q3 GDP Growth Confirmed at 0.8%


Destatis l Rida Husna | rida@tradingeconomics.com
11/23/2017 7:38:05 AM