The German Economy Grew More Than Expected in Q3

Germany’s GDP grew by 8.2% during the third quarter of 2020, compared to the previous quarter, amid increased consumption from households, a strong increase in exports and positive activity in manufacturing, according to official data.

Experts polled by Reuters had expected growth of 7.3% in Q3. The German economy contracted by 9.8% in Q2 of the year.

Earlier on Friday, data released by the German Statistical Office revealed that retail sales fell 2.2% in September compared to the previous month.

The German Statistical Office said that retail sales of food, beverages and tobacco grew by 6.8%, but sales of textiles, clothing, shoes and leather goods fell 7.3%.

Yesterday, the European Central Bank suggested that there will be more monetary stimulus coming into the Eurozone. The central bank will review its economic forecast for the 19-member region in December and then decide how much support is needed.