The German economy escaped a recession in the third quarter as consumers, state ...
BERLIN - The German economy escaped a recession in the third quarter as consumers, state spending and construction drove a 0.1% quarterly expansion, defying expectations of another contraction in Europe’s largest economy, preliminary data showed on Thursday.
“The German economy got away with a black eye: the technical recession could be avoided,” Deka bank analyst Andreas Scheuerle said, but he added it was still too early to give the all-clear. The automobile sector, an important driver of overall growth, is also having trouble adjusting to stricter regulation following an emission cheating scandal and managing a broader shift away from combustion engines toward electric cars.
Exports edged up on the quarter while imports remained broadly flat, the office said, suggesting that net trade could have been a positive impulse on the economy as well.
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