The German economy grew more than expected in the second quarter as the easing of COVID-19 curbs spurred consumers to dip into record savings piled up during the winter lockdown and the state pressed on with a huge debt-financed stimulus push.
Gross domestic product grew an adjusted 1.6% on the quarter, the Federal Statistic Office said on Tuesday, up from its previous estimate of 1.5% and following a revised first quarter contraction of 2%.
Private consumption grew by 3.2% between April and June, contributing 1.6% percentage points to overall growth and pushing the savings rate down to 16.3%. In the first quarter, when shops, bars and restaurants were closed under Germany's lockdown, that rate hit a record high of 22%.State spending to cushion the impact of the coronavirus crisis, financed with unprecedented new borrowing, blew a 80.
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