German economy sees 0.1 pct growth in Q3

The growth is 0.1 percentage point weaker than reported in the flash report released on Oct. 30.

BERLIN, Nov. 22 (Xinhua) -- Germany's gross domestic product (GDP) grew by 0.1 percent in the third quarter (Q3) of 2024 compared to the previous quarter, after adjustment for price, seasonal and calendar variation, according to a report from the Federal Statistical Office (Destatis) on Friday.

The growth is 0.1 percentage point weaker than reported in the flash report released on Oct. 30.

Exports continue to weigh on the economy, with goods and services exports down 1.9 percent from the previous quarter. Notably, goods exports fell sharply by 2.4 percent, Destatis noted.

Household consumption rose by 0.3 percent quarter-on-quarter, while government spending increased by 0.4 percent. However, investment declined, with machinery and equipment falling by 0.2 percent and construction by 0.3 percent, according to the report.

Employment also stagnated during the third quarter, with the number of employed persons decreasing by 45,000 compared to the previous quarter. This marks the first seasonally adjusted decline since the first quarter of 2021. ■