The German economy contracted by 5 percent in 2020 due to the coronavirus.
Germany’s economy contracted by 5 percent in 2020, below expectations, with the strong steps taken by the state to limit the negative effects of the coronavirus epidemic.
According to the leading data released by the Federal Statistics Service, the economic contraction of 5 percent came below Reuters’ expectations of 5.1 percent. The shrinkage is even below the 5.7 percent contraction experienced by the global financial crisis in 2009.
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The coalition government of German Chancellor Angela Merkel has announced unprecedented stimulus and aid measures in the world’s largest economy since March to help companies and consumers survive the pandemic without much damage.
The economy contracted 5.3 percent, according to preliminary data adjusted for calendar effect.
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