German economy contracted 5.0% in 2020

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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.

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