Germany Revises Up Q3 Economic Growth
Umer Jamshaid Published November 24, 2020 | 02:50 PM
Frankfurt am Main, (UrduPoint / Pakistan Point News - 24th Nov, 2020 ) :Germany's economy grew by a better-than-expected 8.5 percent in the third quarter, revised data showed Tuesday, powered by household spending as the country emerged from tough coronavirus lockdowns earlier this year.
The record increase in gross domestic product (GDP) beat the preliminary estimate of 8.2 percent quarter-on-quarter announced in October, Federal statistics agency Destatis said.
Private consumption jumped, Destatis said, partly thanks to a temporary reduction in VAT to the end of the year, alongside a 300 euro ($356) bonus per child for families as part of the government's stimulus package.
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