Germany’s economy grew more than previously estimated in the third quarter. This comes despite high inflation and an energy crisis, official data showed on Friday.
The country’s economy, which is Europe’s biggest expanded by 0.4 per cent between July and September compared to the second quarter, slightly better than the 0.3 per cent growth previously calculated by federal statistics agency Destatis.
“Overall, the German economy remains robust,” Destatis said in a statement.
It added; “Gross domestic product grew despite difficult general conditions in the global economy such as the continuing Covid-19 pandemic, delivery bottlenecks, continuing price rises and the war in Ukraine.”
Germany was heavily reliant on Russian gas before the latter’s war with Ukraine, and also, Russia’s move to cut off flows through the crucial Nord Stream 1 pipeline has fueled fears of energy shortages and skyrocketing heating bills, especially among European countries.
Record-high inflation of 10 per cent in September has added to the pain for Germany.
The German government expects the economy to shrink by 0.4 per cent in 2023.
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