According to the Federal Statistical Office, the German economy grew unexpectedly in Q3 2022. Despite high inflation amid concerns about energy supply.
German gross domestic product (GDP) grew by 0.3% in the third quarter of 2022 compared with the seasonally adjusted previous quarter.
According to the Federal Statistical Office, the German economy continues to support itself despite the difficult global economic environment due to the spread of COVID-19, supply chain disruptions, rising inflation, and the war in Ukraine.
In the second quarter of 2022, the German economy grew slightly by 0.1% compared with the previous quarter.
GDP grew by 1.2% year-on-year in the third quarter of 2022, exceeding analysts’ forecasts of 0.8% growth.
In the latest estimates, however, the German government assumes a recession, with GDP expected to contract by 0.4% next year.