Germany’s economy expanded by slightly more than initially thought in Q3, as per Federal Statistics Office Destatis’ revised data published on Friday. The data said GDP grew by 0.4 per cent, rather than the 0.3 per cent reported in its first reading. That left GDP up 1.2 per cent from a year earlier, rather than the 1.1 per cent in the first reading.

However, that is still a sharp slowdown from 1.7 per cent in Q2 when the economy still had momentum from its post-pandemic reopening. Analysts still expect Germany to go into recession next year as this year’s energy price shock hits consumers and businesses alike.

The release of pent-up demand for travel in the first Covid-free summer since 2019 drove growth in Europe’s largest economy019. Private consumption increased by 1.0 per cent from Q2. Additionally, easing supply chain bottlenecks let investment in equipment grow by 2.7 per cent.

On the other hand, a 2.0 per cent rise in exports was overshadowed by a more considerable increase in imports, primarily due to the surge in oil and gas prices.