Germany GDP grew 8.2% qoq in Q3, above expectation of 7.3% qoq. But that’s not enough to recovery the -9.7% qoq contraction in Q2. Also, when compared with Q4 of 2019, before the pandemic, GDP was still -4.2% lower.
Destatis said “growth was based on higher final consumption expenditure of households, higher capital formation in machinery and equipment and a sharp increase in exports.”
Released too, retail sales dropped -2.2% mom in September, below expectation of -0.5% mom.
