German economy grew more than estimated in 3rd quarter

The German economy grew by 0.4% in the third quarter and by 1.3% in the year, adjusted for price and calendar effects, raising hopes of a less severe recession.

An increase in household spending is seen as the main reason for the slight resurgence in the economy as the pandemic restrictions were eased across the country.

“Overall, the German economy remains robust,” federal statistics agency Destatis said in a statement. GDP grew “despite difficult general conditions in the global economy” such as COVID-19, delivery bottlenecks, continuing price rises, and the Russia-Ukraine crisis, it added.