GDP grew 0.3 percent in the fourth quarter compared to the previous quarter
At the end of 2020, the German economy grew faster than previously assumed. The gross domestic product (GDP) rose from October to December by 0.3 percent compared to the previous quarter, as the Federal Statistical Office announced. So far it had only assumed mini growth of 0.1 percent. Rising exports and the ongoing construction boom more than made up for the declines in consumption and investment at the end of the year.
In the summer quarter of 2020 it was still enough to increase by 8.5 percent after the economy shrank sharply in the first half of the year due to the first wave of pandemics.
In 2020 as a whole, the German economy crashed more deeply because of the corona pandemic than it has since the financial crisis. The gross domestic product shrank by 4.9 (previous estimate: 5.0) percent and thus for the first time in eleven years. For this year, the German federal government is expecting growth of 3.0 percent. The pre-crisis level is not expected to be reached again until mid-2022.
