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Financial News: German Economy To Recover At Slower Pace

German Economy To Recover At Slower Pace

10/26/2020 - 08:36:00 (RTTNews)

(RTTNews) - The German economic recovery is likely to continue in the current quarter, albeit at a much slower pace, Bundesbank said in its monthly report on Monday. The central bank said economic output is likely to have risen sharply in the third quarter.

Gross domestic product could have made up for a little more than half of the drastic slump in the first half of the year, Bundesbank observed. Nevertheless, around 5 percent are still missing compared to the pre-crisis level from the last quarter of 2019.

According to ifo survey, sectors such as the hospitality industry in particular are likely to be affected by the recent sharp rise in the number of infections and the containment measures that have therefore been expanded in some regions.

The experts assumed that economic output will only increase comparatively little in the current quarter, Bundesbank said.

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