The German economy grew more than expected in the third quarter thanks to exports and investment, according to the Statistical Office. The Germany’s gross domestic product (GDP), adjusted by seasonal factors, grew by 0.8% in the third quarter, beating the analysts expectations for growth of 0.6%.
The statistical office said that growth was supported mainly by exports and investment in machinery and equipment.
In the second quarter the German economy grew by 0.6%, while in the first quarter the expansion was 0.9%.
On an annual basis in the third quarter, the economic growth was 2.3%, in line with the forecasts.
Considering calendar factors, the annual growth is 2.8% in July-September versus 2.3% in the previous quarter, shows the data of the statistical office. This is the highest value of the indicator since the beginning of 2014.
The figures support German Chancellor Angela Merkel against the backdrop of her conservative bloc’s efforts to form a coalition with the Greens and Free Democrats, a union that has not been tested at national level yet.