The Pak Banker

German economy grew more than estimated in Q3

- BERLIN -REUTERS

Germany's economy grew more than previously thought in the third quarter despite high inflation and an energy crisis, revised official data showed Friday.

Europe's biggest economy expanded by 0.4 percent between July and September compared to the second quarter-slightly better than the 0.3 percent growth previously calculated by federal statistics agency Destatis. Analysts had forecast a contractio­n in the third quarter as the fallout from Russia's war in Ukraine takes a toll on European economies.

"Overall, the German economy remains robust," Destatis said in a statement. Gross domestic product grew "despite difficult general conditions in the global economy such as the continuing Covid-19 pandemic, delivery bottleneck­s, continuing price rises and the war in Ukraine," it said.

A separate survey showed that German consumer confidence has edged up again following a long period of decline, the latest indication that concerns are easing about the severity of an approachin­g downturn.

Pollster GfK's forward-looking barometer registered minus 40.2 points for December, an increase of 1.7 points from November. Germany was heavily reliant on Russian gas before the war, and Moscow's move to cut off flows through the crucial Nord Stream 1 pipeline has fuelled fears of energy shortages and skyrocketi­ng heating bills this winter.

Record-high inflation of 10 percent in September has added to the pain, as consumers and businesses see their purchasing power eroded. The German government expects the economy to shrink by 0.4 percent in 2023.

A group of Russian children clamour cheerfully in a Belgrade apartment, proudly shouting out the new Serbian words they've just learned to their teacher. These kids all have one thing in common. Their parents fled after Russian President Vladimir Putin's invasion of Ukraine and are now preparing to stay in the Balkan country for the long haul.

Just as over a century ago, when thousands of Russians fleeing the Bolshevik revolution settled in Serbia, the country has once again become a haven for Russians fleeing repression, uncertaint­y and the real possibilit­y of being drafted to fight a war they don't consider their own.

Maria Nefyodova, whose 10-yearold child Artemii already speaks fluent Serbian after only nine months in Belgrade, packed their bags as soon as the first shot was fired in Ukraine.

"On February 24, everything changed. Our world turned upside down", Nefyodova told AFP.

"Of course, not in the way it has changed for those who are the directly affected side, but our world was shattered too".

Since then, according to state media, more than 100,000 Russian citizens have arrived in Serbia, a country of under seven million.

They have used one of the few remaining flight routes into Europe that has not been closed off in retaliatio­n for the war. Serbian President Aleksandar Vucic said last month the country was "like Casablanca", likening it to the Moroccan town of the 1942 movie, swarming with war refugees and spies.

While the exact number of Russians who have elected to stay is unknown, almost 3,000 Russian companies have registered in Serbia since February, according to its business registrati­on agency.

Unlike some other parts of Europe, Russians are greeted with open arms in Serbia. Cultural and historical ties between the two predominan­tly Slavic and Orthodox Christian countries stretch back centuries.

"I definitely want to stay here," 41year-old Muscovite artist Anna Cherepanov­a told AFP.

The Belgrade apartment where she lives with her two children serves as an unofficial Serbian language school.

"The children like it here. If they didn't feel as comfortabl­e, I would likely consider moving to another country."

But the Serbian affection for Russia often extends to support for the Kremlin as well.

That creates awkward situations for exiled Russians who, almost by definition, vehemently oppose Putin.

Souvenir kiosks in Belgrade sell Tshirts featuring Putin's face, while the letter Z-the Russian symbol for the invasion of Ukraine-has been daubed on walls across the city.

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