German economy surprisingly grows in Q3

ISTANBUL

The German economy surprisingly saw GDP growth on a quarterly basis in the third quarter, expanding 0.2%, the federal statistical bureau Destatis said on Wednesday.

The market expectation was at minus 0.1% for the third quarter.

Government and household final consumption expenditures, in particular, rose in the third quarter of 2024, Destatis said.

But on a year-on-year basis, the German economy contracted 0.2% in the third quarter of 2024, after price and calendar adjustment.

The country's economy had been shrinking annually since the first quarter of 2023 to the first quarter of 2024, than saw zero percent GDP growth rate in the second quarter of this year.

With the third quarter, Germany's economy failed to post annual growth for the last seven quarters.