Strong exports and solid construction activity helped the German economy to grow by a better-than-expected 0.3% in the final quarter of last year, but stricter lockdown
Strong exports and solid construction activity helped the German economy to grow by a better-than-expected 0.3% in the final quarter of last year, but stricter lockdown measures at home and abroad are clouding the outlook for Europe's largest economy. The data, published by the Federal Statistics Office on Wednesday, marked an upward revision to its earlier estimate for a 0.1% expansion over the previous quarter. Adjusted for calendar effects, the German economy shrank by 5.3% last year, a much smaller contraction than in many other European countries, helped by a strong fiscal response to the damage caused by the COVID-19 pandemic.
By Reuters Staff
1 Min Read
BERLIN, Feb 24 (Reuters) - The German economy grew by a stronger-than-expected 0.3% in the final quarter of last year, helped by bullish exports and solid construction activity, the Federal Statistics Office said on Wednesday in a revision to an earlier estimate.
The office, which previously had reported a 0.1% expansion on the quarter from October to December, said it also revised upward its 2020 full-year GDP figure to -4.9% from -5.0%. (Reporting by Michael Nienaber; Editing by Maria Sheahan)
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