German GDP Growth Weakest in A Year in Q3
The German economy expanded a seasonally-adjusted 0.2 percent in the September quarter of 2016, compared to a 0.4 percent growth in the second quarter while market expected a 0.3 percent expansion, preliminary estimates showed. It was the weakest growth since the third quarter 2015, as positive contributions mainly came from domestic demand while foreign trade had a downward effect on growth.
In the three months to September, final consumption expenditure of both households and government continued to increase. Meanwhile, fixed capital formation in machinery and equipment was somewhat lower and in construction was somewhat higher than in the previous quarter. Exports were slightly down while imports were slightly up compared with the second quarter.
The economic performance in the third quarter was achieved by 43.7 million persons in employment in the domestic territory, which was an increase of 388,000 or 0.9 increase on a year earlier.
Year-on-year, the GDP advanced 1.5 percent, much slower than a 3.1 percent growth in the previous three months and below consensus of a 1.8 percent expansion.
11/15/2016 8:03:31 AM