Voice of America
15 Jan 2021, 00:35 GMT+10
Germany's Economy Minister Peter Altmaier said Thursday the nation's economy shrank by 5% during 2020, less than predicted, and less than elsewhere in Europe, but still the worst contraction since the 2009 financial crisis.
At a Berlin news conference, Altmaier said the fact the economic contraction was less than the 5.5% predicted earlier in the year is "a small comfort," but it does show the government was able to mitigate the damage done by the COVID-19 pandemic.
Germany's federal statistics agency, Destasis, reports the pandemic-driven downturn ended 10 straight years of growth and affected almost all sectors of the economy. The agency says only the construction industry saw a modest increase of 1.4%.
The agency says the pandemic's first wave, which prompted a nationwide lockdown, resulted in the worst quarterly drop in gross domestic product (GDP) on record, a plunge of 9.8% in the three months from April to June.
But the economy recovered, thanks to a stimulus package and a partial re-opening of the economy, expanding by 8.5% in the third quarter, before slowing down again following a resurgence of the coronavirus.
Altmaier said the recent COVID-19 surges in Germany as well as the rest of Europe caused him to revise downward somewhat his economic growth forecast for 2021, but he still remains optimistic, predicting it will grow by 4.4%. He said he believes the nation will manage the pandemic in a way that will not stifle economic growth.
Get a daily dose of Massachusetts Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Massachusetts Sun.
More InformationEVERGLADES, Florida: Over the weekend, a diverse coalition of environmental activists, Native American leaders, and residents gathered...
BEIJING, China: China's national soccer team may struggle to stir excitement, but its humanoid robots are drawing cheers — and not...
]LONDON, U.K.: A World Health Organization (WHO) expert group investigating the origins of the COVID-19 pandemic released its final...
DOVER, Delaware: California Governor Gavin Newsom has taken legal aim at Fox News, accusing the network of deliberately distorting...
FRANKFURT, Germany: Germany has become the latest country to challenge Chinese AI firm DeepSeek over its data practices, as pressure...
TORONTO, Canada: Harvard University and the University of Toronto have created a backup plan to ensure Harvard graduate students continue...
NEW YORK, New York - Global stock indices closed with divergent performances on Tuesday, as investors weighed corporate earnings, central...
TORONTO, Canada: Canadian Prime Minister Mark Carney announced late on June 29 that trade negotiations with the U.S. have recommenced...
Vancouver, Canada: A high-stakes legal showdown is brewing in the world of athleisure. Lululemon, the Canadian brand known for its...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
NEW YORK, New York - U.S. stock markets closed firmly in positive territory to start the week Monday, with the S&P 500 and Dow Jones...
WASHINGTON, D.C.: On Friday, President Donald Trump announced that he was halting trade discussions with Canada due to its decision...