Affected repeatedly by the epidemic, the German economy has shrunk sharply this year. Although there was a strong rebound in the summer, relevant economic data shows that the German economic recovery is still full of instability and uncertainties.
The latest data shows that after price, season and working day adjustments, Germany’s third-quarter gross domestic product (GDP) growth was 8.5% last month, which was better than market expectations. German exports, household consumption expenditures, machinery and equipment investment all increased during the quarter, supporting economic growth. But year-on-year, the German economy still fell by about 4% during the quarter.
In the first and second quarters of this year, the German economy fell 1.9% and 9.8% respectively from the previous quarter. Among them, the second quarter recorded the largest month-on-month decline since the quarterly economic statistics were available in 1970.
Looking at the whole year, the authoritative organization, the German Economic Advisory Committee, stated in the annual economic assessment report submitted to the German government a few days ago that the German economy is expected to shrink by 5.1% this year and grow by 3.7% next year due to the epidemic.
Post time: Dec-07-2020