Statistisches Bundesamt (Destatis) reported that the Germany GDP Growth Rate rose by 8.5% in the third quarter of 2020 compared with the second quarter of 2020 after adjustment for price, seasonal and calendar variations.
However, the price-, seasonally and calendar-adjusted GDP was still 4.0% lower in the third quarter of 2020 than in the fourth quarter of 2019, that is the quarter before the global coronavirus crisis.
Germany Gross Domestic Product GDP
– YoY was -4.0% on the same quarter a year earlier (price- and calendar-adjusted)
– QoQ was +8.5% on the previous quarter (price-, seasonally and calendar-adjusted)
Data released by Germany’s The Federal Statistical Office (Destatis) data indicated the growth rate year on year for Germany is -4%. Although the figure sits in the contraction zone, it is an improvement from previous of -11.3% giving signals that the German economy could be bouncing back after the coronavirus pandemic..
Data release Monday the 23rd of November from the Markit Manufacturing PMI (data known as IHS Markit’s The Manufacturing Purchasing Managers Index which measures the performance of the manufacturing sector) revealed to be 57.9, slightly down again from last report of 58.2, but was still enough to be the leader in manufacturing and above both the US and the UK which both having had expansions in the last 2 PMI’s.
Germany’s economy is the fifth largest economy in the world and is Europe’s largest with its leading exporter of machinery, vehicles, chemicals, and other equipment.
Exports of Germany’s goods and services account for nearly half of its GDP.
Source: Gross domestic product: detailed results on the economic performance in the 3rd quarter of 2020, Statistisches Bundesamt, Wiesbaden as publisher and data owner;