ISTANBUL 

The German economy has posted no change on a quarterly basis in the third quarter of the year, the federal statistical authority (Destatis) stated on Thursday.

The figure matched the market expectations for the third quarter, according to Destatis' preliminary estimates.

In the second quarter, Germany's gross domestic product (GDP) contracted 0.3% quarterly, after expanding 0.3% in the first quarter.

After the stagnation in the third quarter, the German economy barely escaped a technical recession, which is defined as "two or more consecutive quarters of GDP contraction."

"Based on the provisional results available, gross fixed capital formation in machinery and equipment developed positively," Destatis said in a statement.

It noted that exports, however, decreased compared to the previous quarter.

In August, German exports fell by 0.7% on an annual basis and by 0.5% month-on-month to €129.7 billion ($150.6 billion), according to official data.

In particular, exports to the US, the country's biggest export partner, declined 2.5% for the 5th consecutive month in August to their lowest value since November 2021.

On the other hand, the country's economy posted a 0.3% growth rate on an annual basis in the third quarter, also matching the market expectations.