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The gross domestic product (GDP) of Germany grew by 0.3% in the third quarter of 2022, as announced this Friday by the Federal Statistical Office (Destatis), which has published the provisional data corresponding to the period between july and september.
The rise of German GDP in the third quarter comes after the 0.1% increase in the second and the growth of 0.8% of the first.
“After the slight increase in the second quarter of 2022, the German economy continued to hold firm despite the difficult global economic conditions with the current pandemic coronavirusinterrupted supply chains, increased prices and war in Ukraine,” according to Destatis.
The growth of the third quarter -which contrasts with the forecasts that there would be a decline in GDP – is explained above all, according to the statistical office, by the push of the private consumption. However, he adds that “due to the current coronavirus crisis and the consequences of the war in Ukraine, these results are subject to further uncertainty usual”.
The leading german economic institutes announced at the end of September that the GDP for the third quarter of 2022 could fall by 0.2%, a decline that would increase in the last three months of the year, up to 0.6%, and would be followed by a fall of 0.4 % in the first of 2023. Subsequently, the German Government published its autumn economic forecasts for the next year, during which Berlin already clearly anticipates entering a recessionwith a drop in GDP for the year as a whole of 0.4%.
