Price-, seasonal-, calendar-adjusted German GDP up 0.1% QoQ in Q3 2024

Economic growth was, therefore, 0.1 percentage points lower than communicated in the first release in October 30.

In Q2 2024, economic performance dropped by 0.3 per cent QoQ, after having risen slightly by 0.2 per cent QoQ in Q1. Following this generally subdued performance in the first half this year, the German economy began the second half of the year with modest growth, a Destatis release said

Q3 2024 GDP was up a price-adjusted 0.1 per cent year on year (YoY). After price and calendar adjustment, however, GDP fell by 0.3 per cent YoY.

After price, seasonal and calendar adjustment, exports of goods and services were down by 1.9 per cent QoQ in Q3 2024, with goods exports falling substantially by 2.4 per cent.

On the other hand, imports of goods and services rose slightly, by 0.2 per cent, a development particularly attributable to a 1.3-per cent QoQ rise in imports of goods.

After registering a decline in Q2 2024, household final consumption expenditure in Q3 was up by 0.3 per cent QoQ after price, seasonal and calendar adjustment.

In Q3 2024, gross value added (GVA) as a whole dropped by 0.2 per cent QoQ after adjustment for price, seasonal and calendar variations, with the biggest declines registered in manufacturing (minus 1.4 per cent) and in construction.

Substantial decreases in production were particularly recorded in the manufacturing of chemicals and chemical products.

Fibre2Fashion News Desk (DS)