The German Gross Domestic Product (GDP) grew by 0.3% in the third quarter of 2022, the federal agency Destatis announced this Friday, attributing this behavior to private consumption.
The rebound in German GDP follows growth of 0.1% in the second quarter – when values recovered to pre-pandemic levels – and after growth of 0.8% in the first quarter.
“After the slight increase in the second quarter of 2022 (+0.1%), the German economy continued to remain strong despite difficult global economic conditions with the ongoing coronavirus pandemic, interrupted supply chains, rising prices and the war in Ukraine,” says the federal agency responsible for statistics in Germany.
The growth of the third quarter – which contrasts with some recent predictions that there would be a decrease in relation to GDP values - is explained by the action of private consumption, according to Destatis.
Even so, the organization adds that “due to the current coronavirus crisis and the consequences of the war in Ukraine, these results are subject to greater uncertainty.”
The main German economic institutions announced at the end of September that the GDP for the third quarter of 2022 could fall by around 0.2%, a decrease that could be greater in the last three months of the year: up to 0.6%, followed of a 0.4% decrease in the first quarter of 2023.
Source: TSF
