German economy grows by 1.7 percent in the third quarter

Container ship in Hamburg

The order books of many industrial companies are full – but due to bottlenecks, many companies cannot process orders promptly.

(Photo: dpa)

Berlin The German economy grew somewhat weaker than initially assumed in the third quarter. The gross domestic product rose in the period from July to the end of September by 1.7 percent compared to the previous quarter, as the Federal Statistical Office announced on Thursday.

In a first estimate, the Wiesbaden authority assumed an increase of 1.8 percent. Compared to the fourth quarter of 2019, i.e. the level before the corona crisis, economic output was 1.1 percent lower.

Europe’s largest economy was boosted by private consumption, which rose strongly by 6.2 percent. Delivery bottlenecks, on the other hand, left their mark. Exports and corporate investments in equipment such as machines fell compared to the previous quarter.

Economists expect the German economy to slow down significantly at the end of the year due to delivery bottlenecks and the worsening of the corona infection situation and will probably no longer grow in the fourth quarter.

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