Germany’s GDP contracts by 5% in 2020
by ChemOrbis Editorial Team - content@chemorbis.com
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.
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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