German Economy Minister Peter Altmaier said on Thursday the economy was likely to grow less strongly this year than previously forecast as the current situation in the COVID-19 pandemic was much worse than anybody had expected.
The government’s latest estimate from October sees Europe’s largest economy growing by 4.4 percent in 2021. Berlin will update its forecast later this month.
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Gross domestic product data released earlier on Thursday showed the economy shrank by 5.0 percent in 2020, less than expected and a smaller contraction than during the global financial crisis as unprecedented government rescue and stimulus measures helped lessen the shock of the COVID-19 pandemic.