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Germany's economic growth slows | Germany's economic growth slows |
(about 1 hour later) | |
Germany's economy grew by 0.2% between July and September, according to the latest official statistics. | Germany's economy grew by 0.2% between July and September, according to the latest official statistics. |
Germany is the largest economy in Europe, but has weakened in recent months due to the region's debt crisis. | Germany is the largest economy in Europe, but has weakened in recent months due to the region's debt crisis. |
The latest figure is down from growth of 0.3% recorded in the second quarter and the 0.5% figure seen in the first three months of this year. | The latest figure is down from growth of 0.3% recorded in the second quarter and the 0.5% figure seen in the first three months of this year. |
Germany's growth was driven mainly by "foreign demand", federal statistics office agency Destatis said. | Germany's growth was driven mainly by "foreign demand", federal statistics office agency Destatis said. |
Meanwhile, French gross domestic product rose by 0.2% in the third quarter compared with the previous three months. But the previous quarter was revised down to -0.1% from zero, according to French statistics agency Insee. | |
The production of goods and services in France, Europe's second-largest economy, increased "after five quarters of near stagnation", it said. | The production of goods and services in France, Europe's second-largest economy, increased "after five quarters of near stagnation", it said. |
The third-quarter growth figures for the whole of the eurozone will be released later on Thursday morning. | The third-quarter growth figures for the whole of the eurozone will be released later on Thursday morning. |
Christian Schultz, an economist at Barenberg Bank, said the French and German figures were better than expected, so the figure for the eurozone as a whole could be positive, meaning that it has avoided going back into recession for the first time since 2009. | |
But he pointed out that these figures are backward looking. "It is the past," he told the BBC. | |
"We are now talking about the fourth quarter already and there the figures show that things are not looking as good." | |
'Negative growth' | 'Negative growth' |
Last month, the German government cut its forecast for economic growth in 2013 from 1.6% to 1%, blaming the reduction on the eurozone crisis and weaker growth in emerging nations in Asia and Latin America. | Last month, the German government cut its forecast for economic growth in 2013 from 1.6% to 1%, blaming the reduction on the eurozone crisis and weaker growth in emerging nations in Asia and Latin America. |
Germany's gross domestic product (GDP) grew by 4.2% in 2010 and 3% in 2011. | Germany's gross domestic product (GDP) grew by 4.2% in 2010 and 3% in 2011. |
"The negative data seen in recent weeks and months could very well lead to negative growth" in the fourth quarter, said analysts at Natixis Bank. | "The negative data seen in recent weeks and months could very well lead to negative growth" in the fourth quarter, said analysts at Natixis Bank. |
Unlike most of its partners in the 17-nation eurozone, Germany has mainly escaped the worst effects of the crisis that has threatened to unravel the bloc. | Unlike most of its partners in the 17-nation eurozone, Germany has mainly escaped the worst effects of the crisis that has threatened to unravel the bloc. |
Until now, it has benefited from the weaker euro, making its exports more competitive outside the eurozone. | Until now, it has benefited from the weaker euro, making its exports more competitive outside the eurozone. |
However, German consumers are still spending. "Consumption by both private households and government was higher than in the second quarter when adjusted for price, seasonal and calendar variations," Destatis said. | However, German consumers are still spending. "Consumption by both private households and government was higher than in the second quarter when adjusted for price, seasonal and calendar variations," Destatis said. |
Figures released in the past week from the eurozone's hardest hit economies show that the Spanish economy contracted by 0.3% between June and September and Portugal by 0.8%. | |
Greece said on Monday that its economy had contracted by 7.2% in the third quarter compared with a year earlier. It did not give a comparison with the preceding three months. |