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Bundesbank says German growth loses some momentum in the third quarter

German economic growth continues well in the third quarter but has lost some momentum in the summer months, especially in July, according to the monthly September of the Bundesbank published today.

Frankfurt (Germany), 18 Sep (EFE) .- German economic growth continues at a good pace in the third quarter but has lost some momentum in the summer months, especially in July, according to the Bundesbank's September monthly report released today.

"The economy could continue its strong expansionary course in the third quarter, albeit with somewhat less momentum than in the first half of the year, "the German central bank economists write in the report.

The industry continues to act as the most important driver of growth, according to the report.

The main cause of the summer slowdown would be the weak economic indicators for July, although the Bundesbank considers it temporary and robust German growth will continue over time.

The country's Gross Domestic Product (GDP) grew by 0.7% in the first quarter of 2017 and by 0.6% in the second quarter. In the first month of the third quarter, the indicators were below expectations, with a decrease of 1% in the volume of retail sales and a lower than expected recovery of exports, following the strong drop in June.

The bank considers, however, that "the high flow of industrial orders, the continuous and extremely intense activity construction, the marked good mood of the consumers and the persistent strong growth of the occupation show a very good economic situation ".

Regarding the inflation, the Bundesbank estimates that the pace of price growth in Germany could slow down in the autumn although underlying inflation - which excludes the more volatile components such as energy and unprocessed food - "will grow very gradually."

The German consumer price index rose 1.8% last August while underlying inflation stood at 1.5%.

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