According to a press release from the German Federal Statistical Office (Destatis), the economic performance in the third quarter of 2022 was mainly based on private consumption spending. GDP in the third quarter of 2022 increased by 1.1 percent on a price-adjusted basis and by 1.2 percent on a calendar-adjusted basis compared to the third quarter of 2021.
Germany’s gross domestic product (GDP) rose 0.3 percent quarter-on-quarter in the third quarter (Q3) of 2022, adjusted for price, seasonal and calendar fluctuations. After the slight growth observed in the second quarter of 2022 (+0.1 percent), the German economy managed to hold its ground despite the global economic conditions.
Compared to the fourth quarter of 2019, the quarter before the start of the COVID-19 crisis, in the third quarter of 2022, seasonally and calendar-adjusted GDP exceeded the pre-pandemic level for the first time (+0.2 percent). Due to the ongoing COVID-19 crisis and the aftermath of the war in Ukraine, these results are subject to greater uncertainty than usual.
In addition to calculating the first data for the third quarter of 2022, the Federal Statistical Office analyzed previously published results and incorporated new statistical information into the calculations for the first and second quarters of 2022, as is usually done on this publication date. This led to a slight change of up to 0.1 percentage point in the previously released price-adjusted GDP data.
Fibre2Fashion News Service (NB)
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