Germany’s economy grew in the third quarter of 2020 at a record 8.5 percent over the previous three months. This is evidenced by agency data Federal Statistical Office country.
In annual terms, the GDP of the main European economy fell by 4 percent. Consumer spending in July-September jumped 10.8 percent qoq, while government spending increased 0.8 percent.
In April-June, the German economy fell by 9.8 percent compared with the previous quarter and by 11.3 percent in annual terms. According to analysts, in 2020, Germany’s GDP will decrease by 5.4 percent, and in 2021 it will grow by 4.7 percent.
Germany is facing new challenges after a surge in coronavirus incidence forced the government to adopt new restrictions. The Bundesbank noted that a serious blow was inflicted on exports. However, the regulator expects that the economy will not suffer as much as after the lockdown in March and April.