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German economy shrank 5% in pandemic year 2020

FRANKFURT, Germany (AP) — The German economy shrank by 5% in the pandemic year 2020. That brought to an end a decade of growth as lockdowns wiped out much business and consumer activity. The state statistics agency painted a dreary picture. Industry and services suffered severe downturns. Only construction saw a small uptick. Services activity involving sporting and cultural events were also hammered. The pandemic downturn was still smaller than that experienced during 2009 when the economy shrank by 5.7%. The numbers also indicate consumers have saved more and could be ready to unleash a strong recovery when the pandemic finally eases.

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Associated Press

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