Germany’s Scholz: Economy doing much better this year than expected to in spring

“We are doing much better this year than we had expected to in spring,” Germany’s Finance Minister Olaf Scholz said following the release of the third-quarter GDP report and the Ministry’s growth and inflation forecasts.

He added: “We’ll do everything we can to break infection dynamic, to protect our lives and our economy.”

Additional takeaways

“German govt sees 2021 GDP growth of 4.4% vs. the previous 4.4%.”

“Govt sees 2022 GDP growth of 2.5%.”

“Govt sees CPI at 0.5% in 2020, +1.3 in 2021 and +1.4% in 2022.”

EUR/USD off the lows

EUR/USD finds some support from the better-than-expected German Q3 Preliminary GDP data, as it looks to extend the bounce from 1.1661 daily lows.

At the time of writing, the spot trades at 1.1675, almost unchanged on the day.

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