“Private consumption, exports and investments in equipment shrank considerably as a result.”
German Finance Minister Olaf Scholz speaks during a press conference to present the tax estimate in Berlin, Germany, on May 14, 2020.
The agency also revised its gross domestic product figure for the final quarter of 2019 from zero growth to a contraction of 0.1 percent. That means Germany has now experienced two consecutive quarters of decline, meeting the technical definition of a recession. Like other European countries, Germany closed factories, shops, schools and restaurants from mid-March and asked workers to stay at home to help curb the outbreak.“Private consumption, exports and investments in equipment shrank considerably as a result,” the German economy ministry said in a statement.
The German government expects GDP to shrink by a record 6.3 percent in 2020, a bigger slump than during the global financial crisis in 2008/2009.But there are glimmers of hope on the horizon, with many experts saying Germany is well-positioned to weather the storm. The country began easing lockdown restrictions in early May, allowing most shops to open again while restaurants and tourism also took their first tentative steps.“The timing of the lifting of the lockdown measures as well as the huge fiscal support by the German government… support the view that the German economy could leave the crisis earlier and stronger than most other countries,” Brzeski said.
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