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GERMANY FLASH Q4 GDP +0.1% Q/Q SA, -3.9% Y/Y WDA
GERMANY Q3 GDP +8.5% Q/Q, -4.0% Y/Y
- The German economy grew by 0.1% in Q4, coming in slightly stronger than markets expected (0.0%)
- The annual rate improved further to -3.9% in Q4 after recording -4.0% in Q3.
- The recovery which started in the third quarter slowed significantly in the last quarter due to the renewed lockdown.
- Destatis noted that the tightened restrictions weighed particularly on household consumption, while exports and gross fixed capital formation in construction supported the economy.
- Over the year of 2020, GDP was 5.3% (calendar adjusted) lower than in 2019.