German economy shrank by 5% in 2020

German economy shrank by 5% in 2020

Europe's biggest economy shrunk by 5% last year, with large parts of economic and public life having been shut down across much of 2020. However, the figures from Germany's Federal Statistical Office (Destatis) published on Thursday showed the economy fared relatively well compared with some other European nations, thanks in part to the country's resilient manufacturing base. The drop in gross domestic product (GDP) was also smaller than analysts had predicted and less severe than the record contraction of -5.7% in 2009 during the global financial crisis. The manufacturing sector is thought to have partly offset a slump in the …
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