The gross domestic product (GDP) of Germany, the Old Continent’s largest economy, accelerated its pace of expansion in the third quarter to 0.3%, up from 0.1% between April and June, the Federal Statistical Office (Destatis) has reported.
«The German economy managed to hold firm despite difficult conditions in the global economy, with the lingering Covid-19 pandemic, supply chain disruptions, rising prices and the war in Ukraine,» Destatis explained, noting that main economic momentum in the third quarter came from private consumer spending.
Also, Q3 2022 GDP increased by 1.1% price-adjusted and 1.2% price- and calendar-adjusted compared to Q3 2021.
Compared to Q4 2019, the last quarter prior to the onset of the Covid-19 crisis, GDP in the ‘European locomotive’ exceeded the pre-pandemic level for the first time in Q3 2022 (+0.2%).
