ZCZC
BCN-24
GERMANY-ECONOMY-GROWTH
Germany’s economy only grows by 0.1 percent in Q3
BERLIN, Nov. 23, 2019 (BSS/Xinhua) – German economy grew slightly in the
third quarter (Q3) of the year as the gross domestic product rose by 0.1
percent compared to the previous quarter, the Federal Statistical Office
(Destatis) confirmed on Friday.
“Positive contributions” had come from consumption, according to Destatis.
Private household consumption increased by 0.4 percent on the second quarter
(Q2) while government spending rose by 0.8 percent.
The positive influence of consumption on the German economy was even more
pronounced in a year-on-year comparison as private household consumption rose
by 2.1 percent, while government consumption was up 2.3 percent, according to
Destatis.
Investments in construction in Germany were up by 1.2 percent compared to
Q2. Year-on-year construction investments even rose by 4.5 percent,
especially driven by increased housing construction, Destatis found.
Germany’s foreign trade also made a “positive contribution to economic
growth”, Destatis stated. German exports were up by 1 percent on Q2 when a
drop was registered.
With an increase of 0.1 percent, German imports almost remained at the
previous quarter’s level, Destatis announced.
Gross value added was “higher in almost all economic sectors” in Q3
compared to the same period last year, Destatis found. Only in Germany’s
important manufacturing sector, which accounted for slightly more than a
fifth of gross value added, the economic performance was down by 2.6 percent.
“For the current year, we expect production in the manufacturing sector in
Germany to decline by 4 percent”, said Joachim Lang, managing director of the
Federation of German Industries earlier this week.
BSS/XINHUA/HR/1435