Record Growth for the German Economy in the third quarter

Photo by AC Almelor

German economy reaches record height in the third quarter before the second wave of covid -19. It was achieved because of higher consumption and exports during this period. It suffered a worst set back as covid-19 pandemic battered the country.

The new growth has partly helped recover from the worst condition.

The jump in output from July to September was the biggest since the Federal Statistic Office began collecting quarterly growth data in 1970 and was stronger than the 7.3% increase predicted by economists in a Reuters poll, the Reuters reported.

The government is planning to compensate companies affected by the lockdown by paying them up to 75% of their sales from last year’s November. Finance Minister Olaf Scholz has earmarked 10 billion euros for this new aid package, the Reuters said.