Germany's seasonally and calendar adjusted gross domestic product, or GDP, fell 0.5% quarter-on-quarter in the third quarter, the Federal Statistical Office said in its first estimate Thursday. This follows a 0.4% fall in the second quarter that was revised from a 0.5% decline reported earlier. Economists had predicted the economy to contract 0.2% in the third quarter.
On an unadjusted basis, the economy rose at a slower annual pace of 1.3% in the third quarter, compared with a revised 3.3% growth in the previous quarter. The second quarter GDP growth was upwardly revised from 3.1% initially reported. Meanwhile, the consensus forecast for the third quarter was the economy to grow 1.6%.
The working day adjusted GDP grew 0.8% from the previous year. Compared with last year, there was an additional working day this year.
The statistical office is scheduled to release more detailed results on November 25.
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