Berlin, Germany (4E) – For the third straight quarter, the German economy grew at a higher than expected rate, according to preliminary data released by the Federal Statistical Office on Thursday.
The country’s gross domestic product (GDP) rose 0.2 per cent in the third quarter, beating economists’ forecast of 0.1 per cent gain. The figure, however, is slightly lower than the 0.3 per cent increase posted in the second quarter and the 0.5 per cent rise in the first three months of 2012.
Germany, which is Europe’s biggest economy, has seen slowing growth in the past several months.
Official data shows that the seasonally adjusted GDP gained 0.4 per cent in the third quarter year-on-year. The working-day adjusted GDP grew at a slightly slower pace at 0.9 per cent, which is lower compared to the 1 per cent rise in the previous quarter.
The government cut its growth forecast next year lowering their estimate to 1 per cent from 1.6 per cent last month. It cited the ongoing euro zone debt crisis and slowing growth in emerging economies in Asia and Latin America as the main reasons for the reduction.
More detailed results of the GDP will be released by the statistical office on Nov. 23.