Germany's GDP rises by 0.3% QoQ in Q3 2022: Destatis

31 Oct '22

2 min read

Pic: Shutterstock/ Bartolomiej Pietrzyk

Germany’s gross domestic product (GDP) rose by 0.3 per cent quarter-over-quarter (QoQ) in the third quarter (Q3) of 2022, adjusted for price, seasonal and calendar variations. After the slight increase seen in the second quarter of 2022 (+0.1 per cent), the German economy managed to hold its ground despite difficult framework conditions of the global economy, with the continuing COVID-19 pandemic, supply chain interruptions, rising prices, and the war in Ukraine.

The economic performance in the third quarter of 2022 was mainly based on private consumption expenditure, according to a press release by the Federal Statistical Office of Germany (Destatis). GDP in the third quarter of 2022 was up a price adjusted 1.1 per cent and a price and calendar adjusted 1.2 per cent from the third quarter of 2021.

Compared with the fourth quarter of 2019, the quarter before the COVID-19 crisis began, the price, seasonally and calendar adjusted GDP for the first time exceeded the pre-pandemic level in the third quarter of 2022 (+0.2 per cent). Due to the continuing COVID-19 crisis and the impact of the war in Ukraine, these results are subject to larger uncertainties than usual.

In addition to calculating first data for the third quarter of 2022, the Federal Statistical Office reviewed the results published earlier and included new statistical information in the calculations for the first and second quarter of 2022, as it usually does at this publication date. This resulted in only slight changes of up to 0.1 percentage points in the price adjusted GDP data published previously.

Fibre2Fashion News Desk (NB)

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