Germany's GDP growth accelerates in the third quarter as estimated

Germany's economic growth accelerated as estimated in the third quarter, detailed report from Destatis revealed Thursday.

Gross domestic product grew 0.8% sequentially, faster than the 0.6% expansion logged in the second quarter. The rate came in line with the estimate published on November 14.
The sequential growth was largely driven by foreign demand and investment, while private consumption remained weak in the third quarter.

Year-on-year, GDP climbed calendar-adjusted 2.8%, following the 2.3% growth seen a quarter ago. Likewise, price-adjusted GDP growth improved to 2.3% from 1%. The annual figures also matched preliminary estimate.

The expenditure-side breakdown of GDP showed that private spending slid 0.1%, reversing a 0.9% rise a quarter ago. At the same time, government expenditure remained flat on quarter.

Gross fixed capital formation growth eased to 0.4% from 1.5% in the preceding period.
Export growth climbed to 1.7% from 1%, while growth in imports eased to 0.9% from 2.4%