Latest data released by Destatis - 23 November 2018

  • Final GDP (non-seasonally adjusted) +1.1% vs +1.1% y/y prelim
  • Final GDP (working-day adjusted) +1.1% vs +1.1% y/y prelim

Slight delay in the release by the source. Preliminary/Flash figures can be found here. All figures in-line with the initial estimates. Now for the more telling details:

  • Private consumption -0.3% vs -0.1% q/q expected
  • Government spending +0.2% vs +0.2% q/q expected
  • Capital investment +0.8% vs +0.4% q/q expected
  • Domestic demand +0.8% vs +0.3% q/q expected
  • Exports -0.9% vs -0.3% q/q expected
  • Imports +1.3% vs +0.7% q/q expected

Domestic demand remains the key driver of growth in the economy while a further decline in exports is the root cause of the slowdown. With global trade tensions still lingering and potential auto tariffs to come in the next few months, the outlook isn't looking bright for the German economy.