German GDP growth raises hopes of less severe recession & More Trending News

 

BERLIN, Nov 25 (Reuters) – The German economic system grew barely extra within the third quarter than advised by preliminary figures on the again of shopper spending, including to indicators {that a} coming recession won’t hit as exhausting as initially feared, knowledge confirmed on Friday.

Europe’s largest economic system expanded by 0.4% quarter on quarter and by 1.3% on the yr, adjusted for worth and calendar results, the federal statistics workplace mentioned.

Analysts polled by Reuters had anticipated the economic system to develop by 0.3% on the earlier three months and by 1.2% yearly.

Household spending was the primary purpose for the rise, as customers travelled and went out extra after practically all pandemic restrictions had been lifted.

“It’s by no means a foregone conclusion that the third quarter’s GDP growth marks the end of positive growth rates for the time being,” mentioned VP Bank chief economist Thomas Gitzel, who added that the fourth quarter is also optimistic.

Among retailers there was a notable lower in pessimism concerning the approaching months, the Ifo financial institute discovered, and German retailers have reported that provide issues had eased barely in November from the earlier month.

A GfK institute survey of shopper sentiment discovered that authorities vitality reduction measures had helped stabilize morale heading into December, and fears of over sharply rising vitality costs had weakened considerably.

However, the index remains to be close to traditionally low ranges, mentioned Union Investment chief economist Joerg Zeuner, and customers are usually not but feeling the pinch of excessive vitality prices, which can solely be mirrored in subsequent yr’s heating payments.

Reuters Graphics

The authorities has predicted that the economic system will develop by 1.4% this yr and contract by 0.4% subsequent yr.

An economic system ministry spokesperson instructed Reuters on Friday that present indicators proceed to level to a recession within the six months by March.

“The preconditions for a mild course of the recession are that no acute gas shortage situation arises, that no difficult COVID developments occur, and that the supply chains continue to stabilise gradually,” added the spokesperson.

Reporting by Rene Wagner, Klaus Lauer and Miranda Murray; Editing by Maria Sheahan and David Holmes

Our Standards: The Thomson Reuters Trust Principles.

German GDP growth raises hopes of less severe recession

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German GDP growth raises hopes of less severe recession

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German GDP growth raises hopes of less severe recession

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