Economy

German economy expands faster in third quarter

German economy expands faster in third quarter”

The Polish economy grew 4.7% in the third quarter, the country's Central Statistical Office (GUS) said in a flash estimate on Tuesday.

Carsten Hesse, European economist at German bank Berenberg, said: "So far, the Catalan political turmoil, the political uncertainty in Italy ahead of the spring 2018 elections and sticky Brexit negotiations have had no measurable negative impact on the Eurozone economy".

Berlin's council of economic advisor had raised its growth forecast for the whole year to 2.0 percent, but warned the economy risked overheating amid what the pundits described as "a major upturn".

This was stronger than the consensus forecast of 0.6 percent and marked an increase from the 0.6 percent logged in the previous quarter.

Gross domestic product (GDP) rose by 0.8 percent between July and September compared with the previous quarter, powered by foreign demand and increased investment, the federal statistics office Destatis said.

While third-quarter government and consumer spending remained essentially stable, Destatis said corporate investment "made a positive contribution to economic growth".

Destatis also revised upwards its first-quarter figure, saying the German economy accelerated by 0.9 percent in the first three months of 2017 instead of the earlier reported 0.7 percent.

Over the a year ago the German economy has grown by 2.8 per cent, while Italy and Portugal both also contributed to the broader Eurozone economy, both growing by 0.5 per cent in the third quarter.

Economic activity in Europe's largest economy has been brisk and its jobs market buoyant, despite a stronger euro eroding the price-competitiveness of German exports, geopolitical tensions and the threat of heightened trade protectionism.

The broader European economy grew by 0.6 per cent in the third quarter, according to a slight upward revision of growth published today by the European Commission. Illustrating this trend, Spain's economy is widely expected to muster growth north of 3% this year.



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