Growth of the German Economy Slightly Stronger in the Fourth Quarter

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The German economy, the largest in Europe, grew somewhat more strongly in the fourth quarter of last year than previously thought.

 

This was partly due to increased investments in the construction sector and higher exports. This was offset by weaker consumer spending; in connection with the lockdowns against the coronavirus, Germany is the most important trading partner of the EU.

The German Federal Statistics Office reports based on a new estimate that the economy grew by 0.3 percent compared to the third quarter. Earlier, a plus of 0.1 percent was reported.

Over the whole of 2020, Germany’s economic contraction was adjusted to a minus of 4.9 percent.

Here a contraction of 5 percent was previously reported. This ended ten years of economic growth for the country. In 2019, the German economy grew by 0.6 percent.

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