German Economy Grows 8.2% In Q3 On Virus Reprieve

German economy grows 8.2% in Q3 on virus reprieve

Berlin, (UrduPoint / Pakistan Point News - 30th Oct, 2020 ) :The German economy grew by 8.2 percent in the third quarter of 2020 as the country enjoyed a period of relief from virus restrictions, official data showed Friday.

Federal statistics agency Destatis said the growth, coming after a historic slump in the second quarter, was based on "higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports".

Overall, the German government expects the economy to shrink by 5.5 percent in 2020, Economy Minister Peter Altmaier said.

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