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Germany’s GDP contracts by 5% in 2020

by ChemOrbis Editorial Team -
  • 15/01/2021 (12:32)
According to data released by the Federal Statistical Office of Germany (Destatis), gross domestic product (GDP) in Germany contracted by 5% year-on-year due to the COVID-19 impact.

Even though the contraction was less than expected thanks to government’s stimulus measures, it still pointed to the second-sharpest contraction on record. The German economy had suffered a 5.7% decrease in its GDP back in 2009.

The pandemic hit almost every sector in Germany, even the manufacturing sector, where economic activity declined by 10.6% on a yearly basis. This was mainly due to the disruptions in global supply chains caused by the coronavirus pandemic, Destatis explained.
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