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German economy grows slightly in 3Q, staving off recession

+0.1% in July-September period over the previous quarter

14 November, 10:09
(ANSA-AP) - BERLIN, 14 NOV - Germany's gross domestic product returned to modest growth in the third quarter, the Federal Statistical Office reported Thursday, staving off a widely-feared recession in Europe's largest economy. The Wiesbaden-based agency said the economy grew 0.1% in the July-September period over the previous quarter, largely driven by public and private consumption. Exports rose as well, while imports remained roughly at the second quarter level, the agency reported. It said, however, that the second quarter contraction was greater than preliminary figures had shown, with the economy shrinking in the April-June period by 0.2% compared to the 0.1% originally reported. Two straight quarters of declining output is considered a technical recession, which many economists had predicted that Germany had entered in the third quarter. A week ago, the German government's independent panel of economic advisers reported that a 0.1% third-quarter contraction was likely. (ANSA-AP).

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