ermany’s GDP fell 1.7% month-on-month in the first quarter of this year.
Data released by the German Federal Statistics Office on Friday showed that Germany’s economy has recovered in the second half of 2020, with the economy growing by 8.7% and 0.5% respectively in the third and fourth quarters.
The Federal Statistical Office stated that the COVID-19 pandemic caused another downturn in the German economy at the beginning of this year. Among them, private consumption has been hit particularly hard, and commodity exports have provided support for the economy.
The German Federal Ministry of Economics and Energy has just released its spring economic forecast report, raising its forecast for German economic growth this year from 3% to 3.5%.
The joint economic forecast report issued by Germany’s five authoritative economic research institutions lowered its economic growth forecast for this year by 1 percentage point to 3.7%.