German economy continues climb

Germany's gross domestic product (GDP) increased by +0,7% in the third quarter according to the Federal Statistical Office (Destatis). The growth is on top of a +0,4% rise in the second quarter following four quarters of decline up to June 2009.

A spokesperson from Destatis said, "Following the heavy slump in the winter, the slight upward trend observed in the second quarter seems to be continuing.

"When compared with a year earlier, however, the extent of the economic crisis is still obvious. The price-adjusted GDP fell by -4,7% on the same quarter in 2008, although this was a smaller fall than in the second quarter which saw a -7% year-on-year decline. "

A statement from Destatis said that in a quarter-on-quarter comparison, exports and investment in construction and equipment had a positive impact on growth.