Germany Q3 GDP rises 0.3%, economics minister sees ‘solid growth’

14 November 2013 15:06  [Source: ICIS news]

LONDON (ICIS)--Germany’s economy grew 0.3% in the third quarter from the second, driven by domestic demand, according to government statistics released on Thursday.

The growth compares with a 0.7% quarter-on-quarter GDP increase in the second quarter of the year. Compared with the 2012 third-quarter, Germany’s GDP was up 1.1% year on year.

Outgoing economics minister Philipp Roesler said that the latest data showed solid growth in the German economy.

Roesler added that Germany's new government - to be formed in a coalition between Chancellor Angela Merkel’s Christian Democrats and the Social Democrats - needed to adhere to the policy of fiscal responsibility and strong competitiveness in order to ensure that the recovery will not be jeopardised.

Roesler is due to step down because his Liberal party did not gain enough seats in September’s federal election to be represented in parliament.

Berlin-based economics institute DIW said that the third-quarter numbers showed a “hesitant recovery” in Europe’s largest economy.

Plants were operating at below capacity and producers could expect only modest pricing gains going forward, the group said.

DIW added that the new government needed to improve framework conditions for investors.

“For example, energy-intensive industrial producers continue to face uncertainties in the wake of Germany’s energy transition” to exit nuclear power generation and expand renewables, the group said.

In related news, official EU data released on Thursday showed that the economic recovery in the EU and eurozone continued in the third quarter with GDP rising by 0.2% and 0.1% respectively.

Additional reporting by Graeme Paterson

Paul Hodges studies key influences shaping the chemical industry in his Chemicals and the Economy Blog

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