Corona crisis: economy is growing faster than previously thought

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The "CMA CGM Jacques Saade", the world's largest container ship powered by natural gas, is moored at the Burchardkai terminal in Hamburg (archive photo)

Photo: Markus Scholz / picture alliance / dpa

Germany got through the corona crisis year 2020 a little better than initially assumed.

Despite the second shutdown from November, the gross domestic product (GDP) rose by 0.3 percent in the fourth quarter compared to the previous quarter, as the Federal Statistical Office has now announced.

According to initial calculations, at the end of January statisticians announced an increase of just 0.1 percent.

For the year as a whole, the German economy shrank by 4.9 percent - and not by 5.0 percent as previously assumed.

Goods exports and construction investments supported the development in the fourth quarter, while private consumer spending fell by 3.3 percent compared to the third quarter of 2020. In the first Corona wave in spring, the German economy recorded a historic slump, followed by a comeback in the summer .

The second shutdown then dampened the recovery.

Economists and the federal government expect the German economy to regain momentum this year.

In the first quarter, however, economic output is likely to shrink due to the shutdown that was extended until March 7th.

For the year as a whole, the federal government recently expected economic growth of three percent.

In the fall she had assumed an increase of 4.4 percent.

Economists see risks in a possible third corona wave.

“You can make all sorts of plans.

But when a third wave comes, these will be obsolete, ”said the head of the“ Wirtschaftsweise ”recently, Lars Feld.

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