The German economy unexpectedly grew in the third quarter, according to data released on Friday, as Europe’s biggest economy shies away from the threat of recession for now, despite high inflation and energy supply concerns.
Gross domestic product increased 0.3% from the previous quarter in seasonally adjusted terms, according to the federal statistics office. A Reuters poll had forecast a 0.2% contraction.
“The German economy … continued to hold up despite difficult global economic conditions with the ongoing COVID pandemic, disruption to supply chains, rising prices and the war in Ukraine,” the office said. it’s a statement.
In the previous quarter, the German economy grew by 0.1% in quarter-on-quarter terms.
In year-on-year terms, GDP increased by 1.2% in the third quarter in seasonally adjusted terms, beating analysts’ forecast of 0.8% growth.
In its latest forecasts, the government predicted an impending recession in Germany, with GDP falling by 0.4% next year.