German Preliminary GDP expands 0.3% QoQ in Q3 vs. -0.2% expected
|- German GDP arrives at 0.3% QoQ in Q3 vs. -0.2% expected.
- Annualized German GDP stands at 1.1% in Q3 vs. 0.7% expected.
- EUR/USD remains unfazed by the upbeat German Q3 growth figures.
The German economy expanded 0.3% inter-quarter in the third quarter of 2022 when compared to the expectations of -0.2% and 0.1% reported in Q2, the preliminary report published by Destatis showed on Friday.
Meanwhile, the annualized GDP rate rose by 1.1% in Q3 against the previous reading of 1.8% and matched the market expectations of a 0.7% figure.
FX implications
EUR/USD remains unimpressed by the above forecast German growth numbers, as the sentiment remains sour, which revives the US dollar’s safe-haven demand.
The major was last seen trading at 0.9940, down 0.20% on the day.
About German Prelim GDP
The Gross Domestic Product released by the Statistisches Bundesamt Deutschland is a measure of the total value of all goods and services produced by Germany. The GDP is considered as a broad measure of German economic activity and health. A high reading or a better-than-expected number has a positive effect on the EUR, while a falling trend is seen as negative (or bearish).
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