From Maria Martinez
Germany’s economy grew less in the third quarter than initially reported, announced the German statistical office Destatis on Thursday.
The gross domestic product rose compared to the previous quarter by an adjusted 1.7%, according to Destatis in its second estimate for the period. That expansion fell short of economists’ expectations of 1.8% growth in the Wall Street Journal survey.
GDP grew by 2.5% year-on-year in the third quarter, adjusted for calendar and price, said Destatis, confirming the preliminary estimate and in line with the forecasts of the economists surveyed by the journal.
Compared to the fourth quarter of 2019, the quarter before the start of the coronavirus crisis in Europe, GDP was 1.1% lower in the third quarter of 2021, said Destatis.
In the third quarter, price, seasonally and calendar-adjusted consumption by private households rose by 6.2% compared to the previous quarter. The state’s consumer spending fell by 2.2%. Investments decreased by 3.7% in equipment and 2.3% in construction.
Foreign trade fell in the third quarter. Compared to the previous quarter, exports fell by 1.0% and imports by 0.6%.
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