German economy narrows for 1st time in 11 years | Eurasia Diary -

4 March, Thursday

German economy narrows for 1st time in 11 years

Economy A- A A+

The German economy narrowed 5% in 2020 on a yearly basis, its first contraction in 11 years, according to official preliminary data released Thursday, Anadolu Agency reports. 

The country's economy last narrowed in 2009, by 5.6%, the Federal Statistical Office (Destatis) said.

Germany in 2019 saw annual gross domestic product (GDP) growth rates of 0.6% and 1.3% in 2018.

According to Destatis, the industry and services sectors were hit by the COVID-19 pandemic last year, while the construction sector posted a rise.

Destatis said: "The corona pandemic also had a massive impact on foreign trade. Exports and imports of goods and services in 2020 decreased for the first time since 2009."

After appearing in China in December 2019, COVID-19 spread across the globe, killing millions and causing a huge economic fallout.

Report a mistake by marking it and pressing Ctrl+Enter

EurasiaDiary © Must be hyperlinked when used.

Follow us:
Twitter: @Eurasia_Eng
Facebook: EurasiaEng
Telegram: @eurasia_diary