FXstreet.com (Barcelona) - German economy seems to have failed to grow for the second consecutive quarter, as gross domestic product's figures show negative levels again in the third quarter, according to preliminary data by German Statistics.

Gross domestic product has shrunk 0.5% from July to August 2008, following a 0.4% decline in the previous quarter, upwardly revised from the 0.5% decline previously estimated.

Year on year, German economy has risen 0.8% win working day adjusted terms, down from the 1.9% pace in the second quarter, while price adjusted GDP grew at a 1.3% pace in the third quarter, from the 3.3% pace seen in the second quarter.

Gross domestic product has received positive contributions by the slight increase of household consumption, and government spending, while the trade balance contribution was fairly negative as imports grew while exports declined.