BREAKING: German Economy Grew by 8.5% in Third Quarter

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BREAKING: German Economy Grew by 8.5% in Third Quarter

BERLIN (Reuters) - Germany’s gross domestic product grew by a record 8.5% in the third quarter as Europe’s largest economy partly recovered from an unprecedented plunge caused by the first wave of the COVID-19 pandemic in spring, the statistics office said on Tuesday.

The stronger-than expected rebound was mainly driven by higher household spending and soaring exports, the office said.

The reading marked an upward revision to an earlier flash estimate of 8.2% growth, and followed a 9.8% plunge in the second quarter.

The outlook is clouded by a second wave of coronavirus infections and a partial lockdown to slow the spread of the disease.

Restaurants, bars, hotels and entertainment venues have been closed since Nov 2, but shops and schools remain open.

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