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Wiesbaden | The gross domestic product increased by 8.5 percent in the 3rd quarter of 2020 compared to the 2nd quarter of 2020 and thus even more strongly than reported in the preliminary figures at the end of October.
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The German economy was able to make up for a large part of the massive decline in gross domestic product caused by the corona pandemic in the second quarter, the Federal Statistical Office announced on Tuesday. However, price, seasonally and calendar-adjusted GDP in the third quarter of 2020 was still 4.0 percent lower than in the fourth quarter of 2019, the quarter before the global corona crisis.
In particular, private consumer spending contributed to growth in the third quarter of 2020 with an increase of 10.8 percent compared to the previous quarter. The state also increased its consumer spending by 0.8 percent compared to the previous quarter, after a plus of 2.2 percent in the second quarter. According to statisticians, government consumption stabilized economic growth in the first three quarters of the year.
Investments in equipment – especially machines, devices and vehicles – increased by 16.0 percent. On the other hand, there was no growth impetus from construction investments; they fell by 2.0 percent compared to the previous quarter. Foreign trade has also increased: In the 3rd quarter of 2020, price, seasonally and calendar adjusted 18.1 percent more goods and services were exported than in the 2nd quarter of 2020. Imports also rose sharply by 9.1 percent.
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dts |
11/24/2020 | 10:27:13 am
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More news from the economy in Germany
Berlin | Taxpayers President Reiner Holznagel has sharply criticized the agreements of the car summit with Chancellor Angela Merkel (CDU).
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dts |
11/19/2020 | 07:41:17 am
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Berlin | In the corona crisis, self-employed people and small businesses applied for significantly more loans than in the previous year. This emerges from the Schufa “Credit Compass” 2020, on which the ARD magazine “Contraste” reports in advance. Solo self-employed people and micro-entrepreneurs made 40 percent more loan requests in March than in the same month last year.
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dts |
11/19/2020 | 07:40:01 am
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Berlin | An open dispute has broken out between Deutsche Bahn and the train drivers’ union GDL. “It is unprecedented that the GDL spread several untruths even in an invitation to a press conference,” said a railway spokeswoman on Wednesday afternoon. At no time did the railway demand that the GDL “give up” its tariff autonomy, the group announced.
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