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In the reference quarter, there were mixed signs from domestic demand. Final consumption expenditure of both households (+0.3%) and government (+0.4%) was up on the previous quarter. Gross fixed capital formation in c..

23 Nov 2012

BERLIN (Commodity Online): In the third quarter of 2012, German exports of goods and services were up 1.4% compared with the second quarter.

In the same period, imports increased to a somewhat lesser extent (+1.0%). Thus, the balance of exports and imports strengthened the GDP development by contributing 0.3 percentage points to its growth.

In the reference quarter, there were mixed signs from domestic demand. Final consumption expenditure of both households (+0.3%) and government (+0.4%) was up on the previous quarter. Gross fixed capital formation in construction increased, too (+1.5%).

However, gross fixed capital formation in machinery and equipment continued to decrease (for one year now). In the reference quarter, it recorded a 2.0% decline. In addition, inventories decreased, which also damped economic growth (–0.3 percentage points).

The following information refers to the year-on-year comparison:

In a year-on-year comparison, too, economic growth has slowed down since the beginning of this year. Price-adjusted GDP rose 0.4% in the third quarter of 2012 compared with the same quarter of 2011. The relatively small increase was due, among other things, to a calendar effect, as was the case in the second quarter.

The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%).latively small increase was due, among other things, to a calendar effect, as was the case in the second quarter.

The reference quarter had one working day less than the same quarter of the previous year, which had a negative impact on GDP growth. In calendar-adjusted terms, the GDP increase was larger (+0.9%).

Despite the European recession, the German economy continues its growth, although at a slightly slower pace. As the Federal Statistical Office (Destatis) already reported in its first release of 15 November 2012, the gross domestic product (GDP) rose 0.2% – upon price, seasonal and calendar adjustment – in the third quarter of 2012 compared with the previous quarter.

During the first half of the year, GDP growth had been somewhat larger, that is, + 0.5% in the first quarter and + 0.3% in the second quarter.

According to first provisional calculations, the economic performance in the third quarter of 2012 was achieved by about 41.7 million persons in employment in the domestic territory, which was an increase of 360,000 or 0.9% on a year earlier.


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