German economy contracted 5.0% in 2020

Author: Justin Low | Category: News

The poorest annual reading since the global financial crisis

The headline is a little better than estimates of a 5.1% and 5.2% decline in economic output for the whole of last year.

However, it is still a relatively poor one all things considered but arguably not as bad as feared back in March to April last year. The annual estimate is non-seasonally adjusted.

Of note, private consumption declined 6.0% y/y following a 1.6% y/y boost in 2019. Meanwhile, exports slumped 9.9% y/y and imports 8.6% y/y, following an increase of 1.0% y/y and 2.6% y/y in 2019 respectively.

For bank trade ideas, check out eFX Plus
By continuing to browse our site you agree to our use of cookies, revised Privacy Notice and Terms of Service. More information about cookiesClose