German economy grows more than initially estimated in Q3

The German economy grew more than initially estimated in the third quarter, according to data released on Friday by Destatis.

GDP rose 0.4% on the previous quarter, coming in ahead of an initial estimate of 0.3% growth.

Compared with the same quarter a year earlier, GDP rose 1.3%, versus expectations of 1.2%.

Destatis said the third-quarter economic performance was mainly based on household final consumption expenditure.

Despite continuing sharp price increases and the expanding energy crisis, consumers took the opportunity to travel and go out more, after Covid-19 restrictions were lifted, it said.