German Preliminary GDP expands 1.8% in Q3 vs. 2.2% expected, EUR/USD stays unfazed
|- German GDP arrives at 1.8% QoQ in Q3 vs. 2.2% expected.
- Annualized German GDP stands at 2.5% in Q3 vs. 2.5% expected.
- EUR/USD unmoved on downbeat German Q3 growth numbers.
The German economy expanded 1.8% inter-quarter in the third quarter of 2021 when compared to the expectations of 2.2% and 1.6% booked in Q2, the preliminary report published by Destatis showed on Friday.
Meanwhile, the annualized GDP rate rose by 2.5% in Q3 against the previous reading of 9.4% and matched the market expectations of a 2.5% figure.
Separately, the Italian economy grew by 2.6% QoQ in Q3, surpassing estimates of 2% and 2.7% previous.
EUR/USD little changed on data
EUR/USD remains unperturbed by the downbeat German growth numbers, as the sentiment remains tepid, which keeps the US dollar’s safe-haven appeal underpinned.
The major was last seen trading at 1.1668, down 0.08% 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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