German Q3 Flash GDP Grows 0.2% QoQ, Topping 0.1% Forecast
| Pair | Now | Since publish |
|---|---|---|
| EURUSD | — | — |
- German Q3 GDP grew 0.2% q/q, beating 0.1% consensus but slowing from 0.3% in Q2
- Eurozone Q3 GDP rose 0.4% q/q, above 0.2% forecast; 1.3% y/y annual growth
- Eurozone September unemployment hit 6.5%, above the 6.4% estimate
- Euro dipped briefly on German data, then gained mildly after Eurozone release
Germany’s economy expanded 0.2% q/q in the third quarter, according to Destatis flash data, above the 0.1% consensus but slower than the 0.3% pace in Q2. Annual growth, adjusted for prices and calendar effects, came in at 1.2%, above the 1.1% forecast and the prior 1.0%. Unadjusted for calendar effects, price-adjusted GDP rose 1.3% y/y.
The breakdown suggests the recovery is becoming uneven. Consumer spending made a modest positive contribution, pointing to resilient domestic demand, while investment declined. The euro dipped slightly on the release but quickly recovered, with EUR/USD up about 0.16% near 1.1193.
Eurostat’s preliminary flash estimate showed Eurozone Q3 GDP growing 0.4% QoQ, ahead of the 0.2% forecast and slower than the second quarter’s pace. Sources differ on the Q2 figure: RTTNews cites 0.6%, FXStreet cites 0.8%. On a yearly basis, GDP growth rose to 1.3% YoY from 1.2% previously, against a forecast of 1.1%. FXStreet also reported that the September Eurozone unemployment rate was 6.5%, above the 6.4% estimate, with the August figure revised higher from 6.4%. The euro saw a mild positive reaction after the data.