German 3Q GDP Rebound Revised Up in Second Estimate
By Maria Martinez
The German economy posted a record expansion in output in the
third quarter, even larger than reported in the first release, the
German statistics office Destatis said Tuesday.
The country's gross domestic product grew 8.5% compared with the
previous quarter, according to Destatis. This is above the
preliminary estimate of 8.2% growth. Economists polled by The Wall
Street Journal forecast an 8.2% expansion.
GDP fell 4.0% on year in the third quarter on a calendar and
price-adjusted basis, Destatis said. This compares with a 4.3%
contraction in the preliminary estimate. Economists polled by The
Wall Street Journal had forecast a 4.3% contraction.
Household consumption, which increased by 10.8% on the previous
quarter, was a significant contributor to growth in the third
quarter. Government expenditure rose 0.8% in the third quarter,
after a 2.2% increase in the second quarter, stabilizing economic
growth during the first three quarters of the year.
Fixed capital formation in machinery and equipment was up 16.0%.
However, fixed capital in construction declined 2.0% on the
previous quarter, Destatis says.
An increase was also recorded in trade with foreign countries,
the statistics office says. In the third quarter exports of goods
and services were up 18.1% compared with the second quarter and
imports also rose 9.1%.
Write to Maria Martinez at email@example.com
(END) Dow Jones Newswires
November 24, 2020 02:34 ET (07:34 GMT)
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