Who remembers it?
Only a year ago, Germany was lagging behind in growth in the euro area.
Its GDP only grew by 0.6% in 2019 against 1.5% for France, penalized by an industrial recession.
A year later, this fragility has become a strength.
The importance of the German manufacturing sector (almost a quarter of GDP), supported by the recovery in international trade, largely explains the better resistance of the German economy compared to ours, which is very dependent on services, which has been hit harder. by the restrictions.
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Japan, the country where unemployment remains very low despite the state of emergency
In the fourth quarter of 2020 alone, Germany, entering into hard confinement, limited the damage with growth of 0.1%, while French GDP gave up 1.3%.
In total, over the past year, the German recession reached 5.3%.
A much smaller decline than that of France (- 8.3%), even if it is not half as much, as the Cassandra predicted.
Among the explanatory factors, we must not forget in
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