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German economy shrank 5% in 2020 amid pandemic, ending decade of growth

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German economy shrank 5% in 2020 amid pandemic, ending decade of growth

Germany's economy ended 10 years of annual growth in 2020, shrinking 5.0% on a price-adjusted basis due to the impact of the coronavirus pandemic, according to provisional data from the country's Federal Statistical Office.

The GDP contraction, which followed 0.6% growth in 2019, was less severe than the downturn in 2009, when the economy shrank 5.7%.

On an annual and price-adjusted basis, industrial performance declined 9.7% while manufacturing plunged 10.4%. In the services sector, the trade, transport, accommodation and food services industries slumped 6.3%.

On a price-adjusted basis, household final consumption expenditure slumped by a record 6.0% while government final consumption expenditure grew 3.4%. Gross fixed capital formation declined 3.5%, the largest fall since the 2008-2009 financial crisis.

Exports and imports declined for the first time since 2009. Exports fell 9.9% and imports dropped 8.6% on a price-adjusted basis.