German economy shrank 5% in pandemic year 2020

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Thu, 2021-01-14 10:25

FRANKFURT: The German economy, Europe’s largest, shrank by 5 percent in the pandemic year 2020, ending a decade of growth as lockdowns wiped out much business and consumer activity. As dreary as they were, the numbers suggest consumers could be ready to unleash a strong recovery when the lid finally comes off.
The statistics office Destatis said Thursday that only the construction sector showed an upturn as industry and services saw deep declines. Agriculture, financial services, real estate and information and communication suffered smaller drops in output.

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