November 14, 2018 / 9:39 AM / a month ago

German Q3 numbers no catastrophe, growth should resume in Q4 - EconMin

BERLIN, Nov 14 (Reuters) - A larger-than-expected fall in Germany’s economic output in the third quarter was no catastrophe, Economy Minister Peter Altmaier said, adding that growth should resume in the next quarter once the autos sector had dealt with its present difficulties.

Data released on Wednesday showed the economy contracting for the first time since 2015 in the third quarter as global trade disputes swung the traditional export growth engine of Europe’s largest economy into reverse, raising concerns that a near-decade-long expansion is faltering.

“A 0.2 percent contraction is not a catastrophe,” Altmaier told a business conference. “There are reasons why it happened, in the auto industry in particular where the big diesel question hasn’t yet been dealt with and buyers are being cautious.”

“I assume that in the fourth quarter things will normalise.”

Reporting by Thomas Escritt Editing by Paul Carrel

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