EXCLUSIVE-Germany seen revising upward its 2020 GDP forecast - source

The German government is set to revise upward its economic growth forecast for this year to a decline of less than 6% from a previous estimate of -6.3%, a coalition source told Reuters on Friday.

The German government is set to revise upward its economic growth forecast for this year to a decline of less than 6% from a previous estimate of -6.3%, a coalition source told Reuters on Friday. Economy Minister Peter Altmaier is scheduled to present the revised outlook early next week, the source added.

The German economy contracted by a record 9.7% in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic. But recent economic data has fanned hopes that Europe's largest economy is set for a strong recovery following the massive coronavirus shock.