German economy contracts by 5pc in 2020

摘要

The German economy ended a 10-year run of growth in 2020, and government budgets fell into deficit for only the second time since reunification 30 years earlier. Preliminary data show that Europe's largest economy contracted by 5pc year on year as the Covid-19 pandemic affected the country's industry and services sectors. Only the construction sector registered growth. But the overall fall was less severe than in the aftermath of the 2009 financial crisis.