Polish economy grew 4.7% in third quarter: flash estimate

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Polish economy grew 4.7% in third quarter: flash estimate

The German economy grew by 3.3 percent annually in the third quarter of 2017, according to fresh data released on November 13 by Destatis, the Federal Statistical Office in the country.

"German economic growth continues at a high rate", it said.

The German economy moved up a gear in the third quarter, underpinned by a pickup in global demand and higher corporate investment.

In the third quarter, German GDP grew at a faster pace compared with the previous three months, when it had expanded by 2.6 percent. The outcome beat forecasts of 2.4% growth. "As a result, net exports had a positive impact on the GDP compared to the previous quarter", according to Destatis.

Government and consumer spending "remained rather stable" in the third quarter, it added, while noting that investments had increased, particularly "in machinery and equipment".

But while factory orders also increased for the second consecutive month in September, output slumped by 1.6 percent, the German Economics Ministry reported last month.

Tuesday's figures give Chancellor Angela Merkel a tailwind as her conservative bloc tries to forge a tricky three-way coalition government with the pro-business FDP and the Green party, an alliance untested on a national level.

Over the past year the German economy has grown by 2.8 per cent, while Italy and Portugal both also contributed to the broader Eurozone economy, both growing by 0.5 per cent in the third quarter. Illustrating this trend, Spain's economy is widely expected to muster growth north of 3% this year.

Economic activity in Europe's largest economy has been brisk and its jobs market buoyant, despite a stronger euro eroding the price-competitiveness of German exports, geopolitical tensions and the threat of heightened trade protectionism.

The European Commission last week raised its eurozone growth forecast for 2017 to 2.2 percent, the fastest pace in a decade.

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