By Maria Martinez 
 

The German economy posted a record expansion in the third quarter in output, the German statistics office Destatis said Friday.

The country's gross domestic product grew 8.2% compared with the previous quarter, according to Destatis. Economists polled by The Wall Street Journal forecast a 6.8% expansion.

Growth was based on higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports, Destatis said.

The agency also revised data for the second quarter of 2020. Following the revision, Germany's GDP contracted 9.8% in the period compared with a first estimate of a 9.7% decline.

GDP fell 4.3% on year in the third quarter on a calendar and price-adjusted basis, Destatis said. Economists polled by The Wall Street Journal had forecast a 5.7% contraction.

The German release follows the publication of the first estimate of gross domestic product in France and Spain, which posted historic rebounds of 18.2% and 16.7% during the third quarter. Italy will also publish GDP figures Friday.

The eurozone as a whole will release the first estimate of its GDP for the third quarter at 1000 GMT, in which a sharp expansion is expected.

Write to Maria Martinez at maria.martinez@wsj.com

(END) Dow Jones Newswires

October 30, 2020 05:23 ET (09:23 GMT)

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