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Germany's economic performance amid COVID-19
Kind: ICD What's New  Organization: Department of International Cooperation  Publish Date: 2021-02-26 14:25
Germany’s economic performance amid COVID-19
Last year, the outbreak of the COVID-19 pandemic sent the German economy into a severe recession not unlike that in the wake of the financial crisis of 2008-2009. For 2020, Germany’s gross domestic product fell by 5.0% year-on-year.
After a strong recovery of 8.5% in the third quarter, the partial lockdown which was imposed in November and subsequently tightened and extended is likely to have caused the economy to stagnate in the last quarter of the year.
Despite the partial lockdown, industrial output continued to grow in November, as did new manufacturing orders. This suggests the industrial sector has not been as badly hit by the measures as it was last spring during the initial lockdown.
Retail turnover, excluding cars, continued to grow in November, although sector-specific developments differed greatly from one another. While online and mail-order trade registered a strong increase in turnover, fixed-site retail outlets suffered particularly from measures taken in response to the pandemic.
Although leading indicators in December did not take full account of the tightening of the lockdown, they already painted a gloomier picture. The number of monthly new car registrations by private households reached the mark of 135,000 (seasonally adjusted) in December, well above the monthly average for 2018 and 2019.
Despite the partial lockdown, the development of the labor market was stable. Gainful activity registered only a slight decline in November. Likewise, seasonally adjusted figures for unemployment continued to decline appreciably in December. Meanwhile, tallies for November and December point to a rise in the number of people in short-time work.


Source:Bundesministerium für Wirtschaft und Energie, BRD
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Update: 2020-04-23
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