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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
GERMAN DATA
MNI (London)
GERMANY Q3 FLASH GDP +0.3% Q/Q (FCST -0.2%); Q2 +0.1% Q/Q
GERMANY Q3 FLASH GDP WDA +1.2% Y/Y (FCST +0.7%); Q2 +1.7% Y/Y
- German GDP surprised to the upside in the Q3 flash estimate, advancing by +0.3% q/q, a 0.2pp uptick on Q2 growth and beating expectations of a -0.2% q/q contraction. Annualised GDP was also stronger than anticipated at +1.2 % y/y.
- Private consumption was the driver of Q3 growth.
- In comparison to pre-pandemic Q4 2019, price and calendar-adjusted GDP exceeded pre-pandemic levels (by +0.2%).
- This data signals that the German economy is more robust than anticipated, following consumer demand surveys, IFO and ZEW surveys signalling the onset of a recession.
- The marked upside surprise to German GDP will outpace the marginal downside surprise in the Spanish data this morning. This could see EZ GDP stabilise at a flat reading (currently consensus is looking for -0.1% q/q).
- German CPI is due at 1300 BST following this monring's slew of state data, with another uptick likely to weigh on growth headed into Q4.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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