Germany's GDP Fell 5% Last Year... "Impact of COVID-19 Lockdowns"
[Asia Economy Reporter Suyeon Woo] The German Federal Statistical Office announced on the 14th (local time) that Germany's gross domestic product (GDP) decreased by 5% year-on-year last year, according to preliminary figures.
The GDP decline last year was due to the German government's implementation of strict lockdown measures in response to the novel coronavirus infection (COVID-19). This figure is below the market consensus (5.1%) and is lower than the annual GDP decline (-5.7%) experienced during the global financial crisis in 2009.
The German government has been actively implementing economic stimulus measures to overcome COVID-19 since March. However, due to the recent resurgence of COVID-19, the full lockdown measures closing cultural and sports facilities, schools, childcare centers, and shops have been extended until the end of this month.
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On the 13th of last month (local time), German Chancellor Angela Merkel announced lockdown measures due to COVID-19 at the Berlin Chancellery. Photo by Yonhap News
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