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German economy grew by 6% in third quarter but recovery likely to slow - DIW

Reuters
·1 min read
FILE PHOTO: VW re-starts Europe's largest car factory after coronavirus shutdown

BERLIN (Reuters) - The German economy likely grew by around 6% in the third quarter but the recovery from the coronavirus crisis seen over the summer will probably slow as a second COVID-19 outbreak hits Europe's biggest economy, the DIW institute said on Wednesday.

DIW pointed to the threat of further coronavirus-related restrictions and said many companies were still struggling with the consequences of the lockdown imposed in spring and had hardly any financial reserves left.

As coronavirus infections soar, German Chancellor Angela Merkel wants state premiers on Wednesday to agree to close all restaurants and bars from Nov. 4 in a bid to curb coronavirus infections, a draft resolution seen by Reuters showed.

The Federal Statistics Office is due to release preliminary German gross domestic product (GDP) data for the third quarter on Oct. 30.

(Reporting by Riham Alkousaa; Editing by Michelle Adair)