Investing.com – Germany’s economy grew in line with market expectations in the third quarter, official preliminary data showed on Tuesday.
In a report, Destatis, Germany’s statistical office, said Germany’s gross domestic product increased by a seasonally adjusted 0.5% during the third quarter, broadly in line with expectations.
The previous quarter’s figure was revised up to growth of 0.3% from a previously reported 0.1% increase.
Year-on-year, German GDP grew at an annualized rate of 2.5%, after rising at a rate of 3.0% in the previous quarter and slightly above expectations for a 2.4% gain.
The main factor contributing to GDP growth was the increase in final consumption expenditure of households.
Foreign trade continued its expansion. However, as the increase in exports of goods and services roughly equaled the increase in imports, the impact of the balance of exports and imports on economic growth in the third quarter of 2011 was hardly measurable.
Following the release of that data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.27% to hit 1.3697.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.9%, France’s CAC 40 futures shed 0.75%, the FTSE 100 futures slipped 0.65%, while Germany's DAX futures indicated a drop of 1.1%.
In a report, Destatis, Germany’s statistical office, said Germany’s gross domestic product increased by a seasonally adjusted 0.5% during the third quarter, broadly in line with expectations.
The previous quarter’s figure was revised up to growth of 0.3% from a previously reported 0.1% increase.
Year-on-year, German GDP grew at an annualized rate of 2.5%, after rising at a rate of 3.0% in the previous quarter and slightly above expectations for a 2.4% gain.
The main factor contributing to GDP growth was the increase in final consumption expenditure of households.
Foreign trade continued its expansion. However, as the increase in exports of goods and services roughly equaled the increase in imports, the impact of the balance of exports and imports on economic growth in the third quarter of 2011 was hardly measurable.
Following the release of that data, the euro held on to losses against the U.S. dollar, with EUR/USD dipping 0.27% to hit 1.3697.
Meanwhile, the outlook for European stock markets was downbeat. The EURO STOXX 50 futures pointed to a loss of 0.9%, France’s CAC 40 futures shed 0.75%, the FTSE 100 futures slipped 0.65%, while Germany's DAX futures indicated a drop of 1.1%.