Economic Buzz: German GDP Grows 8.2% On Quarter In Q3

Economic Buzz: German GDP Grows 8.2% On Quarter In Q3

Oct 30, 2020 03:10 IST capital market

German gross domestic product grew 8.2 percent quarter-on-quarter, reversing a 9.8 percent fall in the second quarter, preliminary data from Destatis showed Friday. This was also faster than the expected growth of 7.3 percent. Underpinned by consumer spending, investment in equipment and a sharp rise in exports, the economy ended the severe recession that was caused by the impact of the coronavirus, or Covid-19, pandemic and subsequent lockdown restrictions. However, Destatis said GDP was 4.2 percent lower compared to the fourth quarter of 2019, the quarter before the global corona crisis. Year-on-year, the price-adjusted GDP fell 4.1 percent in the third quarter, much slower than the 11.3 percent decrease seen in the second quarter.

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