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The German economy, Europe's largest, shrank by 5 per cent in the pandemic year 2020, ending a decade of growth as lockdowns wiped out much business and consumer activity.

The German economy shrank by 5% in the pandemic year 2020, ending a decade of growth as lockdowns wiped out business and consumer activity.

2021-01-14 15:35:55 GMT2021-01-14 23:35:55(Beijing Time) Xinhua English BERLIN, Jan. 14 (Xinhua) -- Germany's gross domestic product (GDP) fell by 5.0 percent year-on-year in 2020 in the wake of the coronavirus crisis, the Federal Statistical Office (Destatis) said on Thursday. "After a ten-year growth period, the German economy suffered a deep recession," Destatis noted. However, according to provisional calculations, the economic slump was less severe than during the 2009 financial crisis, when Germany's economy shrank by 5.7 percent. The contraction was much smaller than many expert...

German officials predict renewed pandemic lockdown won’t have the same severe impact as restrictions earlier in 2020.

German Economy Stalls, Probably Evading Double-Dip Recession Bloomberg 1/14/2021 Carolynn Look (Bloomberg) -- The German economy stagnated at the end of last year, probably avoiding a double-dip recession that is engulfing the euro area. The statistics office predicted that the country’s renewed pandemic lockdown won’t have the same severe impact as restrictions earlier in 2020. It estimates output remained flat in the fourth quarter, capping a year that saw an economic contraction of 5%. The government ran a budget deficit of 4.8% of gross domestic product, the biggest ...