Get all your news in one place.
100's of premium titles.
One app.
Start reading
Asharq Al-Awsat
Asharq Al-Awsat
Business
Asharq Al-Awsat

German Economy Shrank 5% in Pandemic Year 2020

A cargo ship passes under a bridge over the river Main in Frankfurt, Germany, Wednesday, Jan. 13, 2021. (AP Photo/Michael Probst)

The German economy shrank by 5% in the pandemic year 2020, bringing to an end a decade of growth as lockdowns wiped out much business and consumer activity.

The pandemic downturn was smaller than that experienced during 2009, when the economy shrank by 5.7%

The state 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 declines.

Industry fell 9.7% while services including cultural and sporting events, which have suffered widespread cancellations, fell 11.3%.

Sign up to read this article
Read news from 100's of titles, curated specifically for you.
Already a member? Sign in here
Related Stories
Top stories on inkl right now
One subscription that gives you access to news from hundreds of sites
Already a member? Sign in here
Our Picks
Fourteen days free
Download the app
One app. One membership.
100+ trusted global sources.