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).