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).
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
