German economy shrank 5% in pandemic year 2020

zA

FRANKFURT, Germany (AP) – Germany’s economy contracted by 5% in the 2020 pandemic, ending a decade of growth as lockdowns wiped out much of business and corporate activity. consumers.

The pandemic slowdown was smaller than that of 2009, when the economy contracted by 5.7%

The national statistics office, Destatis, said on Thursday that only the construction sector had seen a recovery, with industry and services seeing deep declines. Agriculture, financial services, real estate, and information and communications suffered smaller declines.

Industry fell 9.7% while services, including cultural and sporting events, which suffered widespread cancellations, were down 11.3%.

The 2020 figure compares to a modest 0.6% growth in 2019. In 2020, the economy tipped between lockdowns and a robust recovery that left growth below the previous year. The worst quarter, the second, saw a quarterly drop of 9.8% followed by a rebound of 8.2% in the third.

In the fourth quarter, growth “was pretty much stagnant,” said Michael Kuhn, head of the agency’s GDP and output calculations group. He said that since very little data was available for December, when the last round of lockdowns hit, the agency was not making an official estimate. The fourth quarter figure is due to be announced on January 29.

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