AFP, Frankfurt Am Main :
German economic growth slowed more sharply than expected in the third quarter, official data showed Tuesday, but analysts said they saw Europe’s largest economy bouncing back at year’s end.
German investors were equally upbeat, with a closely-watched survey showing a sharp jump in morale in November, although respondents questioned after Donald Trump’s shock US election victory were less optimistic about the future.
Germany’s gross domestic product grew by 0.2 percent compared with the second quarter, adjusting for price, seasonal and calendar effects, the federal statistics office Destatis said in provisional figures.
Analysts surveyed by Factset had forecast growth of 0.3 percent between July and September, after the economy expanded by 0.4 percent in the second quarter and 0.7 in the first.
But economists were unfazed by the slightly disappointing reading.
The slower quarterly growth “points towards a bump in the road but not to a turning towards general and longer lasting weakness,” Unicredit economist Andreas Rees wrote.
Most of the growth was driven by domestic consumption, Destatis said, with rises in both household and public spending.
German economic growth slowed more sharply than expected in the third quarter, official data showed Tuesday, but analysts said they saw Europe’s largest economy bouncing back at year’s end.
German investors were equally upbeat, with a closely-watched survey showing a sharp jump in morale in November, although respondents questioned after Donald Trump’s shock US election victory were less optimistic about the future.
Germany’s gross domestic product grew by 0.2 percent compared with the second quarter, adjusting for price, seasonal and calendar effects, the federal statistics office Destatis said in provisional figures.
Analysts surveyed by Factset had forecast growth of 0.3 percent between July and September, after the economy expanded by 0.4 percent in the second quarter and 0.7 in the first.
But economists were unfazed by the slightly disappointing reading.
The slower quarterly growth “points towards a bump in the road but not to a turning towards general and longer lasting weakness,” Unicredit economist Andreas Rees wrote.
Most of the growth was driven by domestic consumption, Destatis said, with rises in both household and public spending.
