Latest data released by Destatis - 30 October 2020

  • Prior -9.7%
  • Non-seasonally adjusted GDP -4.1% vs -5.2% y/y expected
  • Prior -11.3%
  • Working-day adjusted GDP -4.3% vs -5.5% y/y expected
  • Prior -11.3%

Slight delay in the release by the source. This mirrors all the other release so far across the region, being that Q3 economic output was better than estimated as the recovery proved to be more robust than anticipated.

That said, the waning optimism towards the Q4 outlook is the main story now so this is very much 'old news'. The German government says it expects GDP this year to be -5.5% from previously -5.8%, with growth next year of 4.4% (unchanged).