The German economy contracted 5% in 2020

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The German economy contracted 5% in 2020, according to preliminary figures GDP gross domestic product released by the Federal Statistics Office on Thursday.

The general data has exceeded expectations of a contraction of -5.1% and it has improved the previous reading of -5.2%.

The preliminary figure for Germany’s GDP for 2020, seasonally adjusted, has reached -5.3% on an annualized basis.

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