Breaking: A downward revision of Germany's economic growth rate in the third quarter.

The final data released on Friday by the German Federal Statistical Office (Destatis) showed that the German economy achieved a growth rate lower than initial estimates during the third quarter of 2024, amid ongoing challenges for the German economy.

According to the data, Germany's GDP grew by 0.1% in the third quarter of 2024, compared to the second quarter of 2024, after a downward revision of the initial reading which showed a growth of 0.2%. The office noted that this reflects price changes and seasonal and calendar adjustments.

On a yearly basis, Germany's GDP contracted by 0.3% in the third quarter compared to the same period last year, following a limited growth of 0.2% during the third quarter.

The Federal Statistical Office reported that the reason for the revision of economic growth from what was reported in the initial release on October 30, 2024, was due to the recalculation of seasonal price changes.

The office stated that despite the lower revision, the German economy is starting the second half of the year with modest growth, following an overall weak performance during the first half of 2024.