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German growth slows down in Q3

Xinhua, November 13, 2015 Adjust font size:

The German economic growth slowed down in the third quarter, as investment and foreign trade weight on Europe's biggest economy, official data showed on Friday.

Germany's gross domestic product (GDP) increased by 0.3 percent quarter on quarter, said German federal statistics office Destatis. In the second quarter, the economy expanded by 0.4 percent, following a slight growth of 0.3 percent at the year start.

According to Destatis, the growth between July and September was mainly driven by private and public consumption. Investment on machine and equipment, however, decreased slightly.

"The development of foreign trade also had a downward effect on growth because the increase in imports was markedly larger than that of exports," Destatis said.

The figure on Friday was in line with economists' expectation. Earlier data showed that German industrial activities lost momentum as both output and orders shrank in the third quarter due to weak global growth.

Private consumption, boosted by solid labor market, increasing wages, low interest rates and falling energy prices, was considered as the main pillar which would support a German growth of 1.7 percent in 2015.

German retail association HDE expected the retail sales to increase by 2.7 percent this year. Endit