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German economy grew by 0.3 percent in final quarter of 2020

February 26, 2021


Abstract : The German economy grew by 0.3 percent as it lurched towards the end of the coronavirus crisis year, according to government data for the fourth quarter released on Wednesday.

The German economy grew by 0.3 percent as it lurched towards the end of the coronavirus crisis year, according to government data for the fourth quarter released on Wednesday.

The Federal Statistical Office (Destatis) revised up its previous estimate of just 0.1-percent growth for the last three months of 2020.

The agency also had better news when it came to Germany's spending deficit in 2020, although the pandemic still cut deep into state coffers.

The government's net borrowing last year amounted to 139.6 billion euros (169.7 billion dollars), rather than a previously estimated 158.2 billion euros, Destatis said.

It was the country's first financial deficit since 2011 and the second-highest since German reunification after the record year of 1995, when debt from the Treuhand agency for reprivatizing East German enterprises was integrated into the general government budget.

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Keyword: German economy

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