German GDP Posts Historic Rebound in 3Q
By Maria Martinez
The German economy posted a record expansion in the third
quarter in output, the German statistics office Destatis said
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
Write to Maria Martinez at firstname.lastname@example.org
(END) Dow Jones Newswires
October 30, 2020 05:23 ET (09:23 GMT)
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