Germany Posts Robust Q3 Growth

16 November 2007

WIESBADEN, Germany: Despite the tremors emanating from the US credit crisis, the German economy recorded its best quarter of the year, driven by increased spending on machinery and construction.

The Federal Statistics Office figures show economic output grew 0.7% between July and the end of September, compared with 0.3% and 0.5% in the two previous quarters.

Overall, output is 2.4% higher than last year, while employment levels are up 1.5% on a year ago.

In addition, GDP figures suggest Germany is on track for annual growth of around 2.5%, one of its best performances in the past fifteen years.

Economists, however, warn that Q4 may prove tougher, the result of higher oil prices and the ongoing strength of the euro.

Data sourced from BBC Online (UK); additional content by WARC staff