German economy shrank 5% in 2020 due to Covid-19
The drop in gross domestic product was smaller than forecast of -5.1%
A commuter wearing a face mask walks at the Cologne main station after the federal state of North Rhine-Westphalia decided to make wearing protective masks obligatory in buses, trains and shops to fight the spread of the coronavirus disease (COVID-19), in Cologne, Germany. PHOTO: REUTERS
BERLIN:
The German economy shrank by a smaller-than-expected 5.0% in 2020 as a strong state response helped limit the havoc caused by the Covid-19 pandemic in Europe’s largest economy, preliminary data from the federal statistics office showed on Thursday.
The drop in gross domestic product was smaller than a Reuters forecast of -5.1% and less severe than the record contraction of -5.7% suffered in 2009 during the global financial crisis.