The German economy shrank by 4.3 percent in the third quarter compared to the same period last year.

The German statistical office Destatis announced this on Friday based on an initial estimate.

Although there was a contraction, it was still considerably better than the figure for the second quarter.

At that time, the economy of the eastern neighbors plunged about 10 percent into the negative. It was the largest decline since the statistical office started collecting data in 1970.

The corona crisis is of course the cause of the deteriorated economy.

Compared to the dramatic second quarter, the German economy performed 8.2 percent better between the beginning of July and the end of September.

It was the biggest growth since the agency started the measurements.

The reasons for the better result were higher consumer spending, more investments and an increase in exports.

On November 24, Destatis will publish the final figures on the economy in the third quarter.

In the Netherlands, the first figures on the economy in the third quarter will be published on Friday, November 13.