Germany Logs Deep Recession In 2020

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After a ten-year growth period, the German economy suffered a deep recession, a situation similar to that of the 2008-2009 financial and economic crisis, first calculation from Destatis showed on Thursday.

Gross domestic product fell 5 percent in 2020, in contrast to the 0.6 percent rise seen in 2019. However, the economic downturn was less serious than in 2009, when GDP slid 5.7 percent.

In calendar-adjusted terms, GDP was down 5.3 percent versus a 0.6 percent rise in the previous year.

Almost all economic sectors were markedly affected by the corona pandemic in 2020.

In industry, excluding construction, which accounts for just over one quarter of the total economy, the economic performance declined 9.7 percent in 2020, and by 10.4 percent in manufacturing.

The economic slump was particularly strong in the service sector where decreases were partly as severe as never before. Meanwhile, gross value added in construction grew 1.4 percent.

The material has been provided by InstaForex Company – www.instaforex.com

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