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Germany: German economy expands at slightly softer pace in Q3

November 13, 2015

Economic growth in Germany slowed slightly in the third quarter of this year, according to preliminary data published by the Federal Statistics Office (Destatis) on 13 November. In Q3, GDP rose a seasonally-adjusted 0.3% over the previous quarter, which came in slightly below Q2’s stronger 0.4% expansion but was in line with market expectations. Compared to the same quarter last year, GDP increased 1.8% in Q3, which exceeded the 1.6% expansion registered in Q2. According to Destatis, Q3’s expansion came largely on the back of continued growth in private and public spending. Conversely, fixed investment and the external sector were a drag on the economy, with imports’ growth notably outpacing exports’ growth. More detailed data will be released on 24 November.

The Bundesbank expects economic activity to increase 1.7% in 2015. For 2016, the Bank sees economic growth picking up slightly to 1.8%. FocusEconomics Consensus forecast panelists expect economic activity to expand 1.7% in 2015, which is unchanged from last month’s forecast. For 2016, the panel forecasts GDP growth of 1.8%, which is also unchanged from last month’s Consensus.


Author: Teresa Kersting, Economist

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Germany GDP Chart


Germany GDP Q3 2015

Note: Quarter-on-quarter changes of seasonally adjusted GDP and year-on-year variation in %.
Source: Federal Statistics Office (Destatis) and FocusEconomics Consensus Forecast


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