Compared to the same period of the previous year, GDP grew 1.3%, according to reviewed data. “Despite difficult economic conditions, with the coronavirus pandemic, disrupted supply chains, inflation and the war in Ukraine, economic activity is growing,” Destatis said in a statement.
In the second quarter, the index was almost unchanged at 0.1%, after rising 0.8% between January and March, according to Statistics.
According to the statistics office of the European Union, Eurostat, the gross domestic product (GDP) of the euro zone slowed down its rate of expansion between July and September to 0.2% from the 0.8% observed in the second quarter of the year. This is the weakest growth rate in the euro zone economy since the first quarter of 2021, according to data from the statistical office.
In the European Union as a whole, GDP growth in the third quarter also slowed to 0.2% from 0.7% in the previous three months, its worst reading since the first quarter of 2021.
According to the European Commission, the euro zone and most of the countries of the bloc they will probably go into recession in the fourth quarter of this year. “It is expected that a weaker external environment and tighter financial conditions tipping the EU, the euro area and most Member States into recession in the last quarter of the year“, the Commission pointed out in its report with its economic expectations.
Source: Ambito
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