Germany at heart of more modest growth in the eurozone

Maxine SotoNov 16, 2016

Germany's gross domestic product rose a seasonally-adjusted 0.2 percent in the three months through September, the Federal Statistics Office in Wiesbaden said on Tuesday.

Eurozone GDP rose 0.3% in the third quarter according to the flash data released by Eurostat.

Economists warn that Germany's weak performance may drag down the wider eurozone growth rate.

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Greece also registered growth of 0.5% for the quarter with 1.5% annual growth following two consecutive quarterly contractions.

Uncertainty about the trade policy Trump will pursue once he takes office is weighing on euro zone sentiment, increasing the likelihood that the European Central Bank will retain its loose monetary policy to support growth in the 19-country bloc. "The election of Donald Trump as U.S. President and the resulting political and economic uncertainties, however, have made an impact".

"The election of Donald Trump as US president and the resulting political and economic uncertainties, however, have made an impact", Achim Wambach, President at ZEW, a German-based think tank, said. That's a risk to Germany's export-oriented economy. It also increased separately by 1.5 per cent and 3.1 per cent in the first and second quarters this year.

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The figures followed data earlier Tuesday from Germany that showed export weakness caused the German GDP growth rate to halve in the third quarter to 0.2%, below the 0.3% growth expected. German exporters are struggling amid a global economic environment characterised by uncertainty following the Brexit decision and Donald Trump winning the USA presidential election, the Economy Ministry said last week.

"Exports were slightly down while imports were slightly up compared with the second quarter of 2016". "The ECB therefore surely does not have a departure from its expansive monetary policy on the agenda for its December meeting", he added.

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