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German Recovery Accelerates, GDP Rises 0.7%
Published: Friday, 13 Nov 2009 | 3:04 AM ET
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By: Reuters

German gross domestic product (GDP) grew by 0.7 percent in the third quarter on firmer exports and investment in equipment and construction, the Federal Statistics Office said on Friday.

CNBC.com
The preliminary quarter-on-quarter rise was slightly weaker than the Reuters consensus forecast for growth of 0.8 percent. However, second quarter growth was revised up to 0.4 percent from a previously reported 0.3 percent.

Year-on-year, the economy shrank by 4.7 percent in the third quarter, the data showed, following a 7.0-percent drop in the April-June period.

Economists had expected the economy to contract by 4.8 percent on the year in the third quarter.

Germany emerged from its deepest recession since World War Two in the second quarter. 

The government expects the economy to contract by 5 percent this year. However, a senior German official told Reuters on Tuesday that a stronger-than-expected recovery in the second half suggested the government's forecast may be too pessimistic.

Copyright 2009 Reuters. Click for restrictions.
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