Arab Today, arab today german economy grew 02 in third quarter
Last Updated : GMT 00:20:28
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German economy grew 0.2% in third quarter

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Arab Today, arab today German economy grew 0.2% in third quarter

Berlin - AFP

The eurozone debt crisis is taking its toll on Germany, Europe\'s largest economy, which ground to a near halt in the third quarter of the year, official figures showed on Thursday. Germany\'s economy grew a mere 0.2 percent in the July to September period compared to the previous quarter, according to provisional data published by federal statistics office Destatis. The figures were in line with expectations. Analysts surveyed by Dow Jones Newswires had expected Germany to register growth of 0.2 percent. Destatis offered no detailed breakdown of the figures but recent data have suggested that Germany, until now largely immune from the crisis, is increasingly feeling the pinch. The statistics office did however say that the positive drivers of the economy \"came from abroad\" with exports outpacing imports. Domestically, private and public consumption appeared to have held up, as did construction, but investments were down. Unlike most of its recession-wracked partners in the 17-nation eurozone, Germany has until now escaped the worst effects of the three-year crisis that has threatened to tear the bloc apart. It registered relatively healthy growth of 0.5 percent in the first quarter of the year, dipping to 0.3 percent in the second. But analysts have warned for some time that demand for Germany\'s all-important exports -- most of which go to fellow European countries -- must eventually dry up as the crisis bites. \"The negative data seen in recent weeks and months seen in recent weeks and months could very well lead to negative growth\" in the fourth quarter, said analysts at Natixis Bank.

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