• By The Financial District

GERMAN GDP GROWS DESPITE COVID CRISIS IN 2020

The German economy grew by 0.3 percent as it lurched towards the end of 2020, a year marked by the coronavirus crisis, according to government data for the fourth quarter released, Rachel More reported for Deutsche Presse-Agentur (dpa).

The figure represented an upward revision of the Federal Statistics office's (Destatis) previous estimate of just 0.1-percent growth for the last three months of 2020.


The period saw the return of Germany's second lockdown, which began in November with the closure of restaurants, bars and other establishments, and was tightened further the following month as schools, retailers and other parts of public life followed suit.


Following a historic slump of 9.7 percent in the second quarter, Europe's biggest economy has been on the mend.


But - after rebounding by 8.5 percent in the third quarter, after Germany eased out of its first lockdown - growth slowed down markedly at the end of 2020.


During the whole year, the German economy contracted by 4.9 per cent, a slight improvement on Destatis' first estimate of 5 percent. The agency also had better news when it came to Germany's spending deficit, although the pandemic still cut deep into state coffers.


The government's net borrowing last year amounted to 139.6 billion euros (169.7 billion dollars), rather than a previously estimated 158.2 billion euros, Destatis said.



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