SVE NEWS & CNBC Sharing Series – Germany’s economy contracted 5% in 2020 as coronavirus lockdowns hit growth

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Germany’s economy contracted by 5% in 2020, according to full-year GDP (gross domestic product) data released on Thursday.

The preliminary figures, which were slightly better than the 5.1% forecast, come after a year of economic turbulence for Germany, and the rest of the world, as the coronavirus pandemic prompted disruption to businesses and large swathes of the economy.

Coronavirus cases have prompted several lockdowns on public life and economic activity in Germany. Chancellor Angela Merkel announced last week that the latest lockdown would be extended until the end of the month.

Amid heightened concerned over the spread of a more virulent variant of the virus, initially identified in the U.K., German newspaper Bild reported earlier this week that Merkel had told a meeting of lawmakers from her Christian Democratic Union party that the current lockdown could last until the start of April.

On Thursday, Germany reported more than 25,000 new cases of the coronavirus in the last 24 hours, taking its total number of cases to 1,978,590, data from the Robert Koch Institute showed.

This is a developing story and will be updated shortly.

 

 

Sources from: CNBC

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