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According to the latest report published by Germany’s economic institute DIW on Wednesday, Europe’s economic powerhouse is seen expanding 3% in the current quarter (Q3), as it recovers gradually from the coronavirus pandemic-induced previous slump.

Key quotes

“The signs are clearly pointing to a recovery.”

“Despite the strong growth, it will probably take two years before the historic slump in spring is made up for.”

This comes ahead of the German Preliminary Gross Domestic Product (GDP) report for the second quarter due on Thursday at 0800 GMT. The economy is seen contracting 9% QoQ in Q2 vs. -2.2% booked in Q1.