German economy grows at 8.2% in Q3
Saturday, 10 31 2020, Category: Economy, Country: Germany
The German economy grew by a record 8.2% in the third quarter as higher consumer spending and exports helped Europe’s largest economy to recover partly from its worst-ever recession caused by the COVID-19 pandemic, data showed on Friday.
The jump in output from July to September was the biggest since the Federal Statistic Office began collecting quarterly growth data in 1970 and was stronger than the 7.3% increase predicted by economists in a Reuters poll.
The jump followed an unprecedented plunge of nearly 10% in the second quarter, when household spending, company investments and trade collapsed during the first wave of the pandemic.
“The deeper you push a ball under water, the higher it jumps out of it. That also applies to the economy,” DekaBank analyst Andreas Scheuerle said.