Germany’s Q3 GDP growth revised higher

By Geoffrey Smith — Germany’s economy grew by a shade more than initially thought in the third quarter, according to revised data published Friday.

Federal Statistics Office Destatis said expanded by 0.4%, rather than the 0.3% reported in its first reading. That left up 1.2% from a year earlier, rather than the 1.1% in the first reading. 

That is still a sharp slowdown from 1.7% in the second quarter, when the economy still had momentum from its post-pandemic reopening. Analysts still expect Europe’s largest economy to slide into recession next year, as the lagged effect of this year’s energy price shock hits businesses and consumers alike. 

Separately, market research firm GfK said German consumer confidence posted a second straight improvement for December, but the rise in its index was smaller than expected and it remains close to an all-time low at 40.2.

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