German growth – When a slowdown isn’t slow
Germany’s growth rate slowed in the third quarter but as the accompanying graphic shows, it remained well above its long-term average.
Coming in at 0.7 percent, the July-September number look very poor compared with the 2.3 percent growth rate racked up in the second quarter. But that huge number was the largest quarterly growth by far since at least the first year after reunification.
Putting that aside, the 0.7 percent Q3 number was more that twice the average quarterly growth rate since 1991 and about twice the average third-quarter growth.
The outlook for Germany has stayed upbeat as a more balanced recovery appears to be taking hold. And a separate survey showed business activity increased this month.