German economy shows no change in third quarter
(MENAFN) Germany’s economy showed no growth in the third quarter, according to preliminary data released Thursday by the federal statistics office. The results were in line with analysts’ expectations, signaling continued stagnation in Europe’s largest economy.
Official figures indicated that gross domestic product (GDP) remained unchanged from the previous quarter, following a 0.3% contraction in the second quarter and a 0.3% expansion in the first.
“Based on the provisional results available, gross fixed capital formation in machinery and equipment developed positively,” the statistics authority said. However, it noted that exports had declined compared to the prior quarter.
Germany’s export performance continued to weaken, with official data showing a 0.7% year-on-year drop in August and a 0.5% monthly decline to €129.7 billion ($150.6 billion). Exports to the United States — Germany’s largest trading partner — fell 2.5% in August, marking the fifth straight monthly decrease and hitting their lowest level since November 2021.
On an annual basis, the economy grew by 0.3% in the third quarter, matching market projections.
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