FRANKFURT — German exports expanded by just 0.1 percent in the third quarter, while imports grew faster acting as a drag on overall growth, official data showed on Friday.
German gross domestic product (GDP) grew by 0.3 percent in the period from July to September, the federal statistics office Destatis said in a statement, confirming preliminary data released a week earlier.
Overall, net foreign trade knocked 0.4 percentage points off growth, with imports rising by 0.8 percent, outpacing the 0.1-percent rise in exports, Destatis calculated. The primary driver of the third quarter GDP growth was domestic demand.
Investment in equipment increased by 0.5 percent, public spending was up by 0.5 percent and household spending advanced by 0.1 percent, the statement showed. The four drivers of growth in an economy are public spending, investment, consumption and exports minus imports.