German Preliminary GDP contracts 0.1% in Q3 vs. -0.3% expected

• German GDP arrives at -0.1% QoQ in Q3 vs. -0.3% anticpated.
• Annualized German GDP stands at -0.3% in Q3 vs. -0.7% expected.
• EUR/USD remains uninspired despite upbeat German Q3 growth numbers.

The German economy shrank 0.1% over the quarter in the third quarter of 2023, compared with expectations of a 0.3% contraction and 0% booked in Q2, the preliminary report published by Destatis showed on Monday.

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About German Preliminary 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).