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Financial News: German Economic Growth Eases In Q4

German Economic Growth Eases In Q4

01/29/2021 - 04:20:00 (RTTNews)

(RTTNews) - Germany's economic growth eased sharply at the end of 2020 due to the restrictions imposed to contain the spread of Covid-19, data from Destatis showed Friday.

Gross domestic product grew 0.1 percent sequentially in the fourth quarter, slower than the 8.5 percent expansion posted in the third quarter. Economists had forecast nil growth.

On a yearly basis, GDP adjusted for calendar effects, declined 3.9 percent after falling 4 percent in the third quarter. At the same time, the annual fall in price-adjusted GDP slowed to 2.9 percent from 3.9 percent.

The resulting GDP for the whole year of 2020 was 5 percent lower than in 2019, the biggest fall since the 2008-2009 global financial crisis.

The lockdown has affected household consumption in particular, while exports of goods and gross fixed capital formation in construction supported the economy, data showed.

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