Germany’s Economy Hits Standstill in Third Quarter
(MENAFN) Germany’s economy showed no growth in the third quarter, the federal statistical office Destatis reported on Thursday, confirming preliminary figures that aligned with market forecasts.
The result follows a 0.3% contraction in the second quarter, after the economy had expanded 0.3% in the first quarter.
"Based on the provisional results available, gross fixed capital formation in machinery and equipment developed positively," Destatis said in a statement.
However, the agency noted a decline in exports compared with the previous quarter. In August, German exports dropped 0.7% year-on-year and 0.5% month-on-month to €129.7 billion ($150.6 billion), according to official data.
Exports to the United States, Germany’s largest trading partner, fell 2.5% for a fifth straight month in August, hitting their lowest level since November 2021.
Despite the stagnation on a quarterly basis, the German economy recorded a 0.3% increase compared with the same period last year, also in line with analysts’ expectations.
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