German finance minister expects economy to grow more next year

German Finance Minister Olaf Scholz said on Thursday he expected Europe's largest economy to gain momentum next year after data published earlier in the day showed it expanded by 0.1% in the third quarter, avoiding a recession.

"We are cautiously optimistic. We will have bigger growth next year," Scholz told a Bloomberg conference in Berlin, adding that while Germany was currently experiencing slower growth, it was not in an economic crisis.