German GDP increased in Q3 despite headwinds
German GDP increased again in the third quarter (by 0.2% compared with Q2), despite significantly higher energy prices and the low water levels on the Rhine.
Dr. Jörg Krämer
Commerzbank Economic Research
10/30/2026
The German economy should continue to grow in the coming quarters, albeit at a moderate pace. However, the lack of far-reaching reforms is likely to continue preventing a meaningful recovery in corporate investment. In addition, exports are unlikely to rebound as strongly as they typically do during economic upturns, owing to Trump’s tariffs and competitive pressure from China.
German GDP rose by 0.2% in the third quarter compared with the second quarter (chart). This was slightly above the consensus of 0.1%. According to the Federal Statistical Office, consumption and exports increased, while investment declined. The Office will report GDP details on 25 November. The data for previous periods were hardly revised.
For full text see attached PDF-Version.
