Germany’s GDP Rises 0.2% in Q3, Driven by Government and Household Spending

Germany’s gross domestic product (GDP) grew by 0.2% in the third quarter of 2024 compared to the previous quarter, according to data from the Federal Statistical Office (Destatis).

Germany’s gross domestic product (GDP) grew by 0.2% in the third quarter of 2024 compared to the previous quarter, according to data from the Federal Statistical Office (Destatis). This growth figure, adjusted for price, seasonal, and calendar variations, also reflects a 0.2% rise when compared to the same quarter in 2023, adjusted for prices.

However, when considering both price and calendar adjustments, GDP declined by 0.2% due to one additional working day in 2024 compared to the previous year. Destatis attributes much of the Q3 growth to a notable increase in final consumption expenditure by both households and the government. This comes after a recent revision of the Q2 figures, which now indicate a 0.3% contraction in economic activity, adjusted from an initial estimate of -0.1%, following modest growth of 0.2% in Q1 2024.

Source : Statistisches Bundesamt (Destatis)