German economy probably shrank 1.8% in Q1
Friday, 04 16 2021, Category: Economy, Country: Germany
The German economy probably shrank by 1.8% in the first quarter because of COVID-19 restrictions, leading economic institutes said on Thursday as they revised their joint growth forecast for Europe’s largest economy.
The revisions are the latest sign that the economy will need longer than initially thought to reach its pre-crisis level. A more contagious virus variant and a slow vaccine introduction are complicating efforts to contain a third wave of infections.
Economy Minister Peter Altmaier said he did not expect the economy to reach pre-pandemic levels before the end of the year. But he added that the industrial sector was getting through the crisis relatively well thanks to robust demand for abroad.