German Economy Grows by 0.3% in Q3 - Destatis Data

By Scott Kanowsky 

Investing.com -- German economic growth unexpectedly accelerated in the third quarter to 0.3%, according to preliminary data from the German statistics office on Friday, up from 0.1% in the previous three-month period.

Economists had predicted that gross domestic product in the Eurozone's largest economy would contract by 0.2%.

Private consumer spending helped drive output higher, Destatis said, in a sign that consumption remains resilient despite a massive spike recently in food and energy prices. Germany's October inflation print is due out later today, with the reading expected to stay at a more than 70-year high of 10.9% on an EU-harmonized basis.

Destatis added the German economy continued to "hold its ground" in the face of headwinds from supply chain disruptions and a slowdown in Russian gas flows stemming from political tensions over the war in Ukraine.