The German economy shook off recession in the summer, the Federal Statistics Office has reported. Its preliminary calculations show that the euro zone's weightiest economy grew by a real 0.2 per cent in the third quarter after three consecutive quarters of shrinkage.
Gross domestic product (GDP) now has to grow by at least 0.4 per cent in the fourth quarter to prevent the first full year of economic contraction since 1993 when the economy slumped by 1.1 per cent.
Federal statisticians said third-quarter growth was driven mostly by increasing foreign demand for German products, particularly in the US and Asia. While exports posted strong growth, domestic growth components remained weak. Economists took the figures to show that the German economy is over the worst, but stressed that there could be no talk of a dynamic upswing any time soon.
