Berlin, Oct. 28 (BUS): The German economy grew in the third quarter, an unexpected positive performance largely supported by private spending, official figures showed on Friday.
The Federal Statistics Office said that gross domestic product in Europe’s largest economy grew by 0.3% in the July-September period compared to the previous quarter. That followed a slight 0.1% increase in the second quarter, AP reports.
“The German economy has managed to survive despite the challenging framework conditions for the global economy, with the ongoing COVID-19 pandemic, supply chain disruptions and price hikes,” the statistics office said.
The government said earlier this month that GDP is believed to have contracted in the third quarter and is expected to decline again in the last three months of the year as well as the first three months of 2023 before recovery begins.
Two consecutive quarters of negative growth is one technical definition of a recession.
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