Germany's gross domestic product (GDP) decreased by 5% in 2020, after a ten-year period of growth, the country's Federal Statistical Office Destatis said in a preliminary report released on Thursday, APA reports citing Teletrader.
In calendar-adjusted terms, it dropped by 5.3%. Still, the economic downturn, on the whole, was "less serious" than in 2009, during the global financial crisis, when it declined by 5.7%, the agency remarked.
The report noted the ongoing coronavirus pandemic had affected all economic sectors, especially the service and industry fields. On the other hand, online trade saw a significant increase. Meanwhile, household final consumption expenditure fell by an unprecedented, price-adjusted 6% year-on-year.
The pandemic also heavily influenced foreign trade, with exports and imports seeing a drop for the first time since 2009, of 9.9% and 8.6%, respectively. The report stressed the decline was the sharpest in the import of services due to a halt in tourist activities.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
