GDP Slows in 3rd Quarter in Germany, Britain

German and British economic growth slowed in the third quarter as soaring oil costs boosted companies’ costs. The reports from Europe’s two biggest economies indicate central bank interest rates may have peaked. Gross domestic product in Germany grew 0.5%, less than half the 1.1% pace of the previous three-month period, the Bundesbank said. The British economy expanded 0.7%, down from 0.9% in the second quarter, government figures showed. The European Central Bank increased interest rates seven times in a year in the euro region, which covers 11 countries including Germany, but not Britain.

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