Germany sees unexpected growth in 3rd quarter; inflation up

By GEIR MOULSON
Associated Press

BERLIN (AP) — The German economy grew in the third quarter, an unexpectedly positive performance powered largely by private spending. But the immediate outlook for Europe’s biggest economy remained gloomy, with inflation rising again in October. The Federal Statistical Office said Friday that gross domestic product in Europe’s biggest economy expanded 0.3% in the July-September period compared with the previous quarter. That followed a slight increase of 0.1% in the second quarter. The government said earlier that GDP was believed to have shrunk in the third quarter and was expected to decline again in the last three months of the year as well as in early 2023. Germany’s annual inflation rate rose again in October, climbing to 10.4% from 10% the previous month.