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Germany’s Economy Contracts by 5% in 2020

Eunniah MbabazibyEunniah Mbabazi
January 15, 2021
in Global News
Reading Time: 2 min
Germany's Economy Contracts by 5% in 2020

Germany’s economy contracted by 5% in 2020 occasioned by the global coronavirus pandemic. This was the country’s deepest contraction in over a decade.

As the BBC reports, there were severe falls in household spending (6%) and in investment in machinery and equipment (12.5%). Germany is a leading exporter, particularly manufactured goods, and sales abroad fell by 10%. An increase in construction partly offset those declines.

There was also an increase in government spending, as Berlin sought to limit the extent of the economic damage.

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The pandemic’s first wave caused the worst quarterly drop in GDP on record, when output plummeted 9.8% in the three months from April to June 2020. But the economy recovered, expanding by 8.5% in the third quarter, before slowing down again following a resurgence of the virus.

The 2020 German slump is smaller than others recorded in France, Italy or Spain, where GDP is projected to have declined by 9.3%, 9% and 11.1%, respectively, according to European Central Bank (ECB) forecasts.

Looking ahead, the German government is upbeat, having forecast growth of 4.4% in 2021 and 2.5% in 2022.

See Also:

Nigeria’s Economy Slides into Recession as GDP Contracts by 3.62%



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