德国第三季度GDP增长0.2%好于预期：消费小幅回升撑住增长，资本形成下滑、出口动能明显放缓
德国联邦统计局（Destatis）10月30日发布第三季度国内生产总值（GDP）初值：经价格、季节与日历调整，GDP环比增长0.2%，略高于市场预期；今年第一季度环比增长0.4%、第二季度增长0.3%，欧洲最大经济体已连续三个季度扩张，但增速逐季放缓。
与去年同期相比，第三季度GDP经价格调整增长1.3%，经价格与日历调整后增长1.2%；当季现价GDP为1.18863万亿欧元，同比增长4.6%。
需求结构冷热不均。Destatis表示，经价格、季节与日历调整，最终消费支出较上一季度小幅增加，家庭与政府消费是当季增长的主要支撑；与此形成对照，初步数据显示资本形成出现下降，企业投资仍然疲弱。
上半年表现强劲的出口动能也在第三季度明显放缓。Destatis指出，今年上半年出口曾录得非常强劲的增长，到了第三季度，这一势头显著减弱——在能源价格高企与外部需求不稳的背景下，德国出口型经济的支柱正在降速。
Destatis同时确认，第一季度与第二季度此前公布的环比数据经复核后没有变化，本次为第三季度的首次估算；第三季度详细结果定于11月25日发布。据路透社报道，接受其调查的分析师此前预期第三季度环比增长0.1%。德国同日稍晚还将公布10月全国通胀初值，上午已公布的主要州数据显示通胀普遍回落。完整发布见德国联邦统计局第三季度GDP初值（第381号新闻稿）。
关联：欧元区第三季度GDP增长0.4%高于预期：爱尔兰增长5.5%居首，法国收缩0.1%
关联：德国主要州10月通胀初值普遍回落：巴伐利亚州降至2.8%、北威州降至2.7%，全国数据今日稍晚公布
关联：西班牙第三季度GDP环比增长0.6%：同比增速升至2.7%，内需贡献2.6个百分点撑起增长
关联：意大利第三季度GDP环比零增长：同比增长0.8%低于预期，服务与农业增长抵住工业下滑
Germany GDP Grows 0.2% in Third Quarter, Beating Forecasts: Consumption Edges Up as Investment Falls and Export Momentum Fades
Germany's Federal Statistical Office (Destatis) published its preliminary estimate for third-quarter gross domestic product (GDP) on October 30: GDP rose 0.2% from the previous quarter after adjustment for price, seasonal and calendar effects, slightly beating market expectations. GDP had risen 0.4% in the first quarter and 0.3% in the second, so Europe's largest economy has now expanded for three straight quarters, though the pace has slowed each quarter.
Compared with the same quarter a year earlier, third-quarter GDP rose 1.3% in price-adjusted terms and 1.2% after adjustment for both price and calendar effects; GDP at current prices totalled 1,188.63 billion euros, up 4.6% year on year.
The demand picture was mixed. Destatis said final consumption expenditure increased slightly from the previous quarter after adjustment, with household and government consumption the main support for growth. By contrast, the provisional figures point to a decline in capital formation, leaving business investment weak.
The very dynamic export growth seen in the first half of the year also slowed noticeably in the third quarter, Destatis said, a loss of momentum for an export-led economy facing high energy prices and uncertain external demand.
Destatis confirmed that the previously published quarterly figures for the first and second quarters were unchanged after review; detailed third-quarter results will be released on November 25. According to Reuters, analysts polled by the agency had expected quarterly growth of 0.1%. Germany's national flash inflation reading for October is due later on Friday, after state-level data published in the morning showed inflation easing in most major states. The full release is available from Destatis, GDP in the third quarter of 2026, press release No. 381.
Related: Euro Area GDP Grows 0.4% in Third Quarter, Beating Forecasts
Related: Spain GDP Grows 0.6% in Third Quarter: Annual Rate Rises to 2.7%
Related: Italy GDP Flat in Third Quarter: Annual Growth Slows to 0.8%
来源：GSM·美国（原文链接）
图片来源：图：德国 Frankfurt am Main 的天际线与 Flößerbrücke 桥（资料图）。Dr. Thomas Liptak 摄，CC BY-SA 4.0，经 Wikimedia Commons。 / The Frankfurt am Main skyline with the Flößerbrücke bridge in Germany (file photo). Photo by Dr. Thomas Liptak, CC BY-SA 4.0, via Wikimedia Commons.
