German GDP grew by 1.2% in Q3/2022

As reported by the Federal Statistical Office (Destatis) on November 25, gross domestic product (GDP) increased by 0.4% quarter-on-quarter in the third quarter of 2022, up 0.1% from preliminary estimates.

Economic growth in the third quarter of 2022 was largely driven by consumer spending by private households, which increased by 1% compared with the previous quarter. More and more people went on trips and left their homes after almost all COVID-19 containment measures were canceled.

In addition, foreign trade also improved, with exports rising by 2% and imports by 2.4%.

Year-on-year, German GDP increased by 1.2% in price-adjusted terms in the third quarter of 2022 compared with the same quarter of 2021.

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